The Progressive Corporation acquired ARX Holding Corp. — remaining interest (buyout to 100% ownership) for $243.0 million (2020 remainder; plus $295.9M 2018 put), a transaction completed in April 2020.
Completing the staged buyout begun in 2015, Progressive acquired the remaining outstanding stock of ARX to reach 100% ownership. Under the stockholders' agreement's put/call structure, minority holders first put 204,527 shares in 2018 for $295.9 million (raising Progressive above 80%, effective April 2018), and on April 1, 2020 Progressive purchased all remaining outstanding stock, including shares from exercised options, under a separately negotiated purchase agreement for a total cost of $243.0 million, taking ARX/ASI to a wholly owned subsidiary.
Completing the staged buyout begun in 2015, Progressive acquired the remaining outstanding stock of ARX to reach 100% ownership. Under the stockholders' agreement's put/call structure, minority holders first put 204,527 shares in 2018 for $295.9 million (raising Progressive above 80%, effective April 2018), and on April 1, 2020 Progressive purchased all remaining outstanding stock, including shares from exercised options, under a separately negotiated purchase agreement for a total cost of $243.0 million, taking ARX/ASI to a wholly owned subsidiary.
Advisory firms were not disclosed for this transaction.