Arthur J Gallagher confirms £233m cash purchase of Giles

Cash

Arthur J Gallagher (AJG) has confirmed a cash deal worth £233m for Giles funded through free cash and borrowings on its line of credit.

The combined operation will now boast some 70 offices and 3,100 staff in the UK. Brendan McManus will join the AJG international executive committee, led by David Ross, AJG CEO.

Integration costs are estimated to range from £1.5m to £2.5m per quarter through to early 2015.

The acquisition is earmarked to generate more than £90m in annualised revenue, as well as EBITDAC of more than £30m in 2014 and £35m in 2015.

Gallagher confirmed that it expects to repay its line of credit over the next six

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

Lycetts buys broker Cheviot

Lycetts has strengthened its presence in the North East, purchasing fellow Newcastle-based broker Cheviot Insurance Services.

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: