United InsuranceHoldings Corp. has completed its acquisition of InterboroInsurance Co.
The company acquired all the issued and outstanding common stockof Interboro Insurance for $57.0 million. It paid $48.5 million in cash at closingand issued an $8.5 million promissory note to Interboro LLC. That note will mature18 months following the closing and bear interest at an annual rate of 6%.
The purchase price is subject to adjustment if Interboro Insurance'sGAAP net book value is less than or greater than $40.7 million as of the post-closingaccounting of the transaction.
Raymond James & Associates served as United Insurance's financialadviser, while Squire Patton Boggs (US) LLP provided legal advice. Willis CapitalMarkets & Advisory acted as Interboro LLC's financial adviser, and Nixon Peabodyacted as legal counsel.