Aldel Financial (ADF) to Combine with Hagerty in $3Bn Deal

Aldel Financial (NYSE:ADF) has entered into a definitive agreement to combine with car insurer Hagerty at an enterprise value of $3.13 billion, or 2.8x its 2023E revenue. Traverse City, Michigan-based Hagerty provides insurance products for collectible cars and media properties focused on car enthusiasts. The combined company is expected to trade on the NYSE under
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