Hagerty completes SPAC merger and hits $3.1bn valuation
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Hagerty completes SPAC merger and hits $3.1bn valuation

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Classic car MGA Hagerty has completed its merger with special purpose acquisition company (SPAC) Aldel Financial, valuing the business at around $3.1bn.

The SPAC merger included $704mn in fully committed PIPE financing led by strategic investors State Farm and Markel Corporation, and a group of institutional and private investors.


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