Ardonagh have been on the acquisition trail for several years now, with Carole Nash, Arachas, Mediass SpA, BP Brokers, Swinton and many more among the 35 or so deals that have taken place in the last 6 or 7 years. The latest deal to acquire Australia based PCS has received shareholder approval, so there’s just the Federal Court paperwork to complete in October. Here’s the word;
The Ardonagh Group (“Ardonagh” or “The Group”), one of the world’s largest independent insurance broking platforms, is pleased to announce PSC Insurance Group Limited (“PSC”) shareholders have voted in favour of its proposed acquisition by Ardonagh. Combining the best of PSC and Ardonagh will strengthen the Group’s global position in the retail, specialty and wholesale broking markets to deliver greater scale and efficiency benefits to clients, insurers, brokers and agencies.
David Ross, CEO of The Ardonagh Group welcomed the overwhelming support from PSC shareholders. Mr Ross said: “The support from PSC shareholders highlights the sound rationale in merging these two leading businesses. The PSC story and strategy mirrors our own in many ways. Like Ardonagh, this is a business built on entrepreneurial spirit and high-quality teams moving in formation with each other, and we will have much to build on together very soon.
“PSC’s culture and values are closely aligned with ours, and its portfolio of complementary businesses offers significant opportunities to enhance our presence in Australia, as well as in wholesale and specialty markets globally. We’re excited to get to work.”
PSC Chairman, Paul Dwyer said: “PSC was started with just five people 18 years ago. We are proud to have reached this milestone and thankful to the colleagues who have been on this remarkable journey with us as we built trust and equity in the market. We now look ahead to joining a global team in Ardonagh who share our drive and values. We believe this deal not only maximises value for PSC shareholders but also offers a strong growth platform for PSC colleagues and clients with Ardonagh globally.”
The Scheme is subject to approval by the Federal Court of Australia at a hearing scheduled for 1 October 2024. The transaction is expected to close on or about 11 October 2024.
For further information regarding this acquisition, please see our initial announcement on Ardonagh.com or refer to the information provided in the Scheme Booklet.
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