iA American Holdings Inc. entered into a letter of intent to acquire Vericity, Inc. (NasdaqCM:VERY) from J.C. Flowers & Co. LLC and others for $170 million on October 2, 2023. iA American Holdings Inc. entered into an agreement to acquire Vericity, Inc. (NasdaqCM:VERY) from J.C. Flowers & Co. LLC and others for $170 million on October 3, 2023. As part of consideration, Vericity stockholders to receive $11.43 per share in cash. The purchase price of $170 million will be funded by iA with existing cash on hand. The transaction is subject to obtaining the usual regulatory approvals in Canada and the United States, antitrust approval, and other customary closing conditions for a transaction of this type. Stockholders of Vericity have adopted and approved the merger agreement. Vericity?s board of directors unanimously approved the merger agreement. The merger is expected to close in the first half of 2024.

Raymond James & Associates acted as financial advisor and fairness opinion provider and Todd E. Freed and Jon A. Hlafter of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to Vericity. The transaction is expected to become slightly accretive to core EPS in year 2 and to EPS in year 3. David D. Luce and Jeffrey S. Hochman of Willkie Farr & Gallagher LLP acted as legal advisors for iA American Holdings Inc. RBC Capital Markets, LLC acted as financial advisor to iA American Holdings Inc. For services rendered in connection with the delivery of its opinion, Vericity paid Raymond James a fee of $500,000 upon delivery of its opinion. Vericity will also pay Raymond James a customary fee for advisory services in connection with the Merger of $1,530,000, all of which is contingent upon the closing of the Merger.