Omaha, Neb.-based Boston Omaha Corp. unit Boston Omaha Investments LLC has made a $19 million equity investment in New Orleans, La.-based CB&T Holding Corp., the parent of Crescent Bank & Trust.
The investment consists of the issuance of new voting common stock of CB&T, constituting 14.99% of its outstanding common stock. CB&T has no outstanding preferred stock or convertible debt.
The terms of the investment imply a purchase price valuation of $127 million, representing 1.35x CB&T's April 30 book value.
Boston Omaha is a public company with businesses engaged in several sectors, including advertising, insurance and real estate.
