Pathward sells commercial insurance premium finance loan portfolio for $617M plus $31M premium

PATHWARD FINANCIAL, INC.

Pathward N.A. entered definitive agreement to sell its commercial insurance premium finance business to AFS IBEX Financial Services, LLC (Honor Capital subsidiary).
Cash purchase price equals $617.1M net asset value (June 30, 2024) plus $31.2M premium, subject to portfolio fluctuations.
Transaction expected to close by end of fiscal 2024; relatively neutral to FY2024 net income and EPS.
Company says deal supports balance sheet simplification and will be accretive as capital redeployed into higher-yielding assets.
AFS commits to offer employment to business employees; Honor Capital guarantees payment obligations.

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