FRANKFORT, Ky. – Aquarian Investors Heritage Holdings LLC and Investors Heritage Capital Corporation have entered into a definitive merger with Aquarian acquiring IHCC for $60.5 million or $44.75 per share, Aquarian announced in a prepared release.
As a result of the agreement, Aquarian will be the sole shareholder of IHCC, according to the release.
Under the terms of the agreement, the family of IHCC founder Henry Lee Waterfield and members of IHCC’s management will re-invest in the business by exchanging a portion of their IHCC shares for approximately 10 percent of the equity interests in Aquarian, underscoring IHCC management’s continuing commitment to the company, as well as the partnership nature of the transaction, according to the release.
The transaction is expected to close by the end of 2017, subject to regulatory and shareholder approval and other customary closing conditions.
The company will continue to operate under current management and with existing employees out of its long-time headquarters in Frankfort, Kentucky, according to the release.