Jardine Lloyd Thompson to Sell Aerospace Business to Arthur J. Gallagher

By Adam Clark

Insurance brokerage Jardine Lloyd Thompson Group PLC (JLT.LN) said Monday that it will sell its aerospace business to Arthur J. Gallagher & Co. (AJG) for 190 million pounds ($250.8 million) to satisfy competition concerns over JLT's sale to Marsh & McLennan Cos. (MMC).

The sale was a measure put forward by Marsh & McLennan to the European Commission and remains subject to regulatory approval. In September, JLT agreed to a $5.7 billion takeover by Marsh & McLennan, forming a global insurance broker with $17 billion in annual revenue. The deal is set to complete in spring this year. Marsh & McLennan said no other aspect of the deal is under discussion with the European Commission.

The aerospace business has approximately 250 staff in 15 countries, and made a pretax profit of GBP12 million on revenue of GBP65 million in 2018, JLT said.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

March 04, 2019 05:34 ET (10:34 GMT)

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