Deals
Newfront, ABD to Merge Into Firm With $1.35 Billion Value
- Newfront investors include Founders Fund, Meritech Capital
- Companies were on ‘a collision path,’ CEO Lipkin says
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Newfront Insurance and ABD Insurance and Financial Services agreed to a merger that will value the combined company at $1.35 billion.
The entity will be called Newfront and the deal is expected to close by the end of August, the companies said in a statement. Newfront will keep its headquarters in San Francisco and will be led by Newfront’s Spike Lipkin as chief executive officer, with ABD’s Kurt de Grosz and Brian Hetherington as executive chairman and president respectively.