Boston Omaha said in a Form 8-K filed with the U.S. Securities and Exchange Commission that the purchase price is $84,308,757.68 and that CopperPoint will acquire 100% of GIG's equity interests. [1]
The transaction includes GIG subsidiaries United Casualty & Surety Insurance Company and BOSS Bonds, as well as the SuretyBonds.Market technology platform. Insurance Journal reported that GIG writes commercial and contract surety business across all 50 states. [1][2][3]
Boston Omaha said about 93% of the net sale proceeds will go to the company, with the balance payable to GIG senior management. The filing also said part of the purchase price will be held in escrow for two years and that CopperPoint's recourse for post-closing indemnification claims is capped at $5.25 million, subject to customary exceptions. [1]