Marsh & McLennan Agrees GBP4.3 Billion Takeover of U.K.'s Jardine Lloyd Thompson
September 18 2018 - 3:19AM
Dow Jones News
By Adam Clark
Marsh & McLennan Cos. (MMC) said Tuesday that it has agreed
a 4.3 billion-pound ($5.66 billion) deal to buy U.K. insurance
brokerage Jardine Lloyd Thompson Group PLC (JLT.LN).
The deal values Jardine Lloyd Thompson at 1,915 pence a share, a
34% premium to its closing price on Monday.
New York-listed Marsh & McLennan said the deal will
strengthen its specialty risk broking operations and expand its
global reinsurance network, enhancing its position in Asia and
Latin America.
Marsh & McLennan said its revenue is expected to increase to
around $17 billion following the deal.
Jardine Lloyd Thompson's independent directors have recommended
the deal to the company's shareholders.
Marsh & McLennan has received a commitment to support the
bid from Jardine Matheson Holdings Ltd. (JAR.LN), which has a 40%
stake in Jardine Lloyd Thompson.
The deal is expected to close in spring 2019, subject to
shareholder and regulatory approval.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
September 18, 2018 03:04 ET (07:04 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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