trending Market Intelligence /marketintelligence/en/news-insights/trending/iQhJqGRxaB8VRg_i4WQAiw2 content esgSubNav
In This List

LM Funding America completes acquisition of insurance broker IIU

Blog

Banking Essentials Newsletter: January 11th Edition

Blog

Banking Essentials Newsletter December 21st Edition

Blog

The Road to Basel IV: Navigating the challenge facing European banks

Blog

Basel Framework- Utilizing data to analyze the capital position of European banks.


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.