Benzinga | May 17, 2021 09:37AM EDT

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Independence Holding Company (NYSE:IHC) today reported its agreement to sell a controlling interest in its pet division and in the stock of Independence American Insurance Company ("Independence American") to a subsidiary of Iguana Capital, Inc. ("Buyer"), an investment company specifically formed to facilitate this transaction. The transaction is structured as two agreements that are expected to close on different dates.

IHC and its wholly owned subsidiary IHC SB Holdings LLC ("SBH") have entered into a Stock Purchase Agreement (the "PPI Purchase Agreement") with Buyer to sell its 85% interest in Pet Partners, Inc. ("PPI"). In addition, IHC and its wholly owned subsidiary, AMIC Holdings, Inc., have entered into a Stock Purchase Agreement (the "IAHC Purchase Agreement") with Buyer to sell all of the stock of Independence American Holdings Company ("IAHC"), which owns all of the stock of Independence American. In aggregate for both deals, IHC will receive 70% of the consideration in cash, or approximately $265 million, and will receive 30% of the stock of Buyer.

The closing of the PPI Purchase Agreement is subject to customary closing conditions. The closing of the IAHC Purchase Agreement is subject to customary closing conditions including applicable regulatory approvals, one of which is the approval of the Delaware Insurance Department.

Raymond James & Associates acted as financial advisor to IHC and Dentons provided external legal counsel in connection with this transaction.