Hagerty, a specialty automotive insurance platform, and Aldel Financial Inc., a special purpose acquisition company, announced that they have entered into a definitive business combination agreement. Upon the closing of the transaction, Aldel will be renamed Hagerty, Inc., and become publicly traded, with its common stock expected to be listed on the New York Stock Exchange under the ticker “HGTY.”
The transaction, which has been unanimously approved by Aldel’s board of directors and the independent members of Hagerty’s board, is expected to close in the fourth quarter of 2021. It is expected to deliver up to $820 million of gross proceeds to the combined company.
“When it comes to fueling the insatiable passion of tens of millions of automotive enthusiasts, Hagerty is well-positioned as a leading specialty insurance provider with a unique subscription and membership model and portfolio of immersive automotive events, entertainment and valuation tools,” said McKeel Hagerty, CEO of Hagerty. “For our members, this means a comprehensive and compelling experience that goes far beyond an insurance transaction. For our business, this means market-leading brand loyalty, an attractive business model with multiple points of monetization, a track record of financial success and a strong foundation for future growth.”