04:43 AM EDT, 06/10/2024 (MT Newswires) -- ICC Holdings ( ICCH ) has entered a deal to be acquired by Mutual Capital Group for $23.50 per share in cash, the companies said Saturday.

The transaction represents a total equity value of about $73.8 million.

The deal is expected to close in Q4, after which ICC Holdings ( ICCH ) will continue to operate as an independent subsidiary of Mutual Capital Group.

Directors and executive officers of ICC Holdings ( ICCH ), who control 25% of the company's common stock, plan to vote their shares for the transaction, the companies said.