North American Insurance Leaders Inc., a special purpose acquisition corporation, announced on Friday that it agreed to acquire Deep South Holding, L.P., an Irving, Texas-based managing general agency, for at least $110 million.

Under the terms of the agreement, the company will pay $110 million for the MGA initially–with 83 percent coming in cash and the rest in shares of North American Insurance Leaders common stock.

Additionally, Deep South shareholders will have the opportunity to receive up to $65 million in cash and stock depending on the future financial performance of the acquired company over the two years following closing.

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