trending Market Intelligence /marketintelligence/en/news-insights/trending/iQhJqGRxaB8VRg_i4WQAiw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

LM Funding America completes acquisition of insurance broker IIU

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

LM Funding America completes acquisition of insurance broker IIU

LM Funding America completed the acquisition of medical insurance broker IIU Inc. from Craven House Capital PLC for approximately $5.1 million.

The consideration will be satisfied through the cancellation of IIU's $1.5 million promissory note held by LM Funding and the issuance of the acquirer's convertible promissory note to Craven for the remaining purchase price of about $3.6 million.

The convertible promissory note will carry an annual interest rate of 3% and is payable in cash or in LM Funding common shares, at a conversion price of $2.41 per share. It will mature 360 days after the completion of the transaction.

The purchase price was changed from that previously announced as LM Funding is no longer buying some of the IIU assets, which are being moved to IIU's parent company, Craven House Capital North America.

In November 2018, Craven acquired 640,000 shares in LM Funding.