German American Bancorp Announces The Sale Of The Assets Of German American Insurance To Hilb Group In An All-Cash Transaction For $40M, And Creates A Significant After-Tax Gain, Net Of Transaction Costs, Of ~$27M

German American Bancorp, Inc. (NASDAQ:GABC) today announced and closed the sale of the assets of its wholly-owned subsidiary German American Insurance (GAI) to Hilb Group, an industry-leading insurance broker. The all-cash transaction is for $40 million, and creates a significant after-tax gain, net of transaction costs, of approximately $27 million. The purchase price represents approximately four times 2023 GAI revenues and approximately 24 times 2023 GAI after-tax earnings.