Dentons acted as authorized counsel to Independence Holding Company (NYSE: IHC), a holding firm principally engaged within the life and medical health insurance enterprise, in its agreement to promote a controlling interest in its pet division and within the inventory of Independence American Insurance Company to a subsidiary of Iguana Capital, Inc., an funding firm that was particularly fashioned to facilitate this transaction. On the heels of one other profitable IHC transaction suggested by a Dentons crew, this transaction is structured as two agreements which can be anticipated to shut on totally different dates.
IHC and its wholly owned subsidiary IHC SB Holdings LLC have entered right into a Stock Purchase Agreement with Iguana to promote its 85% interest in Pet Partners, Inc. In addition, IHC and its wholly owned subsidiary, AMIC Holdings, Inc., have entered right into a Stock Purchase Agreement with Iguana to promote the entire inventory of Independence American Holdings Company. In combination for each offers, IHC will obtain 70% of the consideration in money, or roughly US$265 million, and can obtain 30% of the inventory of Iguana.
The closing of the PPI Purchase Agreement is topic to customary closing circumstances. The closing of the IAHC Purchase Agreement is topic to customary closing circumstances together with relevant regulatory approvals, considered one of which is the approval of the Delaware Insurance Department.