Kelso agrees to buy Insurance Auto Auctions

Newswire

NEW YORK, Feb 23 (Reuters) - Insurance Auto Auctions Inc. said on Wednesday it has agreed to be bought by private equity firm Kelso & Company for $385 million. Insurance Auto shareholders will receive $28.25 in cash per share from Kelso, the Illinois company said in a release. Insurance Auto shares closed at $22.41 on Tuesday in Nasdaq trading. The company's largest stockholder, ValueAct Capital, has agreed to vote its 29.7 percent holding in favor of the deal.

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