Link Media Outdoor, a subsidiary of Boston Omaha Corporation, has completed the acquisition of substantially all of the operating assets of Key Outdoor, Inc. , based in Bourbonnais, Illinois. The purchase price for the acquisition was $38,000,000 in cash. A portion of the purchase price will be retained by Link for a period of up to 18 months as a partial source of recourse for any indemnification claims by Link. The purchase price is also subject to certain prorations of revenues and expenses to be determined within 90 days following the closing. Each of Key Outdoor and its shareholders have also agreed to not compete with the business for a period of five years.
Boston Omaha's wholly-owned subsidiary, Boston Omaha Investments, has invested approximately $19M through the purchase of common stock of CB&T Holding, the privately-held parent company of Crescent Bank & Trust (CSNT). Crescent generates the majority of its revenues from indirect auto lending. The company was founded in 1991 and is based in New Orleans, Louisiana. It has retail branches in the New Orleans metropolitan area and loan production offices throughout the country. Crescent Bank employs over 430 employees. The investment consists of the issuance of new voting common stock of CB&T, constituting 14.99% of CB&T's outstanding common stock. CB&T has no outstanding preferred stock or convertible debt. The terms of the investment imply a $127M purchase price valuation.
Boston Omaha completed the subsequent closing of its previously announced sale of Class A common stock, issuing 3,137,768 shares of Class A common stock for an aggregate purchase price of approximately $73,110,000. In the initial closing, dated March 6, 2018, the Company sold 3,300,000 shares of Class A common stock for an aggregate purchase price of $76,890,000. Both the initial and subsequent closings were pursuant to the Purchase Agreement among the Company and certain purchasers, dated February 22, 2018, for the sale of up to $150,000,000 of unregistered Class A common stock with all shares being sold at $23.30 per share. The purchasers include three limited partnerships, two of which are managed by The Magnolia Group, LLC as their general partner. Boulderado Group, LLC serves as the general partner of the third partnership. The shares being purchased under this private placement are in addition to both shares of Class A common stock and Class B common stock owned by different investment partnerships managed by The Magnolia Group, LLC and Boulderado Group, LLC, which share ownership remains unchanged. The transaction was approved by a special committee of the Company's Board of Directors with the advice of independent legal counsel and an independent investment banking firm which provided a fairness opinion to the special committee. After the subsequent closing, the Company now has 20,666,017 shares of Class A common stock and 1,055,560 shares of Class B common stock issued and outstanding and, as a result, estimated book value of over $14 per share.
Boston Omaha issued and sold 3.3M shares of Class A Common Stock for an aggregate purchase price of $76.89M, or $23.30 per share, pursuant to the Purchase Agreement among the company and certain purchasers dated February 22, 2018. The Purchase Agreement is for the sale of up to $150M of unregistered Class A Common Stock with all shares being sold at $23.30 per share. After today, the remaining 3,137,768 shares are expected to be issued following expiration of any regulatory waiting periods and the authorization by company shareholders at a special meeting of shareholders scheduled to be held on May 4, 2018 at which the Company will propose to increase the company's authorized shares of Class A Common Stock from 18,838,884 to 38,838,884 shares.