Finance of America Companies Inc. (FOA): M&A transaction — Finance of America completes sale of Incenter title insurance business for ~$92.6M cash

Finance of America Companies Inc.

Sold Agents National Title (ANTIC) and Boston National Holdings (BNT) to Essent US Holdings (Essent Group).
Cash consideration of ~$92.6M, adjusted from $100M base purchase price per Securities Purchase Agreement.
Transaction closed on July 1, 2023; CEO stated it supports long-term retirement-focused strategy.
Pro forma financials filed showing discontinued operations classification for the sold entities.
Assets of discontinued operations were $151.5M as of March 31, 2023; liabilities $66.3M.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Finance of America Companies Inc. completed a disposition involving Essent US Holdings, Inc. for approximately $92.6 million in cash (closed 2023-07-01).

Action: disposition
Counterparty: Essent US Holdings, Inc.
Consideration: approximately $92.6 million in cash
Closing: 2023-07-01

Exact text from the filing

the Securities Purchase Agreement, in consideration for the capital stock and membership interests sold thereunder, on the Closing Date, the Buyer paid to Incenter approximately $92.6 million in cash, which is the base purchase price of $100.0 million adjusted at Closing in accordance with the provisions of the Securities Purchase Agreement. The purchase price is

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Finance of America Companies Inc. filing history →

Source: SEC EDGAR

accession 0001828937-23-000080

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