NEW YORK--(BUSINESS WIRE)--Tiptree Inc. (NASDAQ:TIPT) ,announced today that it has completed the previously announced sale of its subsidiary Care Investment Trust, LLC to Invesque Inc. (TSX: HLP.U). Tiptree and its subsidiaries received 16.65 million shares as consideration.

Transformative and Strategic Transaction:

• Attractive Investment: The combined platform has greater scale and more diversification. We expect this will lead to better access to capital markets and will position Invesque for future growth.
• Validation of Embedded Value: Tiptree’s gain on sale was approximately $0.98 per share, or a 10% increase to our September 30, 2017 book value per share, as exchanged. Upon the expiration of lock-up restrictions, Tiptree expects further accretion in future quarters to occur.
• Accretive Transaction: The transaction is expected to be accretive to Tiptree’s 2018 Adjusted EBITDA and GAAP earnings per share. The combination of expected dividends, elimination of GAAP depreciation on Tiptree’s financials, and reductions in corporate overhead should result in improved metrics.
• Reduced leverage: Through this transaction, along with other pending or closed sales in 2017, Tiptree’s debt was reduced by approximately $495 million. After giving effect to these transactions, the Company’s leverage was reduced from 2.2x to less than 1.0x.

About Tiptree

Tiptree Inc. (NASDAQ: TIPT) is a holding company that combines a specialty insurance platform with investment management expertise. The Company’s principal operating subsidiary is a leading provider of specialty insurance underwriting products and services. The Company also allocates its capital across private operations and investments which we refer to as Tiptree Capital. Today, Tiptree Capital consists of asset management operations, mortgage operations and other investments. For more information, please visit www.tiptreeinc.com.

About Invesque

Invesque Inc. is a North American health care real estate company with a growing portfolio of high quality properties located in the United States and Canada and operated by best-in-class senior living and care operators primarily under long-term leases and joint ventures. Invesque's mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.invesque.com.