BBX Capital closes acquisition of additional 40% stake in Altman Companies, gaining control

BBX Capital, Inc.

On Jan 31, 2023, BBXRE acquired an additional 40% equity interest in The Altman Companies for $8.1M (adjusted from $9.4M base).
Deferred payment of $2.4M for remaining 10% interest; payment due by Nov 30, 2028 or upon termination of Mr. Altman's employment.
BBXRE now controls all significant operating and financing decisions; Altman Companies will be consolidated effective Jan 31, 2023.
Mr. Altman retains decision-making rights in managing member of pre-existing development joint ventures; those remain equity method.
The acquisition is deemed not significant under SEC Rule 11-01(b).

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