Boston Omaha completes $84.3 million sale of its surety-insurance business

Boston Omaha ($BOC) completed the sale of General Indemnity Group to CopperPoint Insurance in an all-cash transaction with a gross price of approximately $84.3 million. Boston Omaha received $75.3 million in net proceeds at closing. The disposal transfers the entire surety-insurance business, including United Casualty and Surety Insurance and BOSS Bonds. Boston Omaha retained approximately 2.67 million Sky Harbour ($SKYH) Class A shares and a final cash distribution of about $326,000 outside the sale.

The company plans to hold its proceeds in cash and cash equivalents until it identifies opportunities in existing operations, new investments or share repurchases. Its $30 million buyback authorization was already announced and is not a new program. The closing turns the previously agreed disposal into cash available for capital allocation; net proceeds reflect expenses, escrow, bonuses and interests held by management.

Sources:

• Business Wire
• Issuer release via StockTitan