iA Financial Corporation Inc., the holding company of iA Financial Group, announced May 22 that it has concluded the acquisition of U.S.-based IAS Parent Holdings, Inc. and its subsidiaries. The agreement to acquire IAS was announced last December.
The purchase price of US$720 million, for which a currency hedge was put in place, was funded by iA Financial Group's excess capital.
Headquartered in Austin, Texas, IAS provides vehicle warranties and related software and services. It sells its products through a distribution network of more than 4,300 dealers throughout the U.S.
"By combining the complementary strengths of IAS and of our existing warranty business in the U.S., we will be well positioned for the growth opportunities that may arise in this highly fragmented market," said Denis Ricard, President and Chief Executive Officer of iA Financial Group.
