National Security, an American company offering insurance services and products, has decided to merge with VR Insurance Holdings. According to the agreement, the second company acquires all outstanding common shares of the first company for 16.35 dollars/share. The deal will cost the companies about 41M dollars. The CEO of the company is confident that the current deal will be warmly accepted by shareholders and customers, as everything will correspond to their interests and they will benefit.
After the meeting, all members of the Board of Directors approved the deal in a compromise and ask their shareholders to support the deal. The transaction will be closed at the end of 2Q22 after the majority of owners of outstanding common shares vote in favor. After the deal is completed, NSG will be a private business with the freedom and funds to advance its next stage of growth. National Security’s CFO, Brian McLeod will be in the role of Chief Operating Officer of insurance company branches and Chief Financial Officer of VR Holdings. And he will also work together with the managers of VR Holdings and a group of investors to actively expand both companies.