Ardonagh strikes A$2.3bn PSC deal
Ardonagh has signed up to buy Australian-headquartered PSC Insurance Group including its Top 100 UK broker.
PSC had confirmed in March that takeover talks were ongoing with multiple parties which reports suggested included Ardonagh and Gallagher.
The A$2.3bn (£1.21bn) deal will need to be approved by the shareholders of Australian Stock Exchange listed PSC and get legal approval.
Ardonagh completed a refinancing process switching over $5bn of debt (£3.9bn) to better terms in March.
The firm detailed that it will fund the transaction with approximately 50% equity from existing shareholders, Madison
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