PIB reveals costs of record 26 deals in 2023
PIB spent £331.9m on a record 26 deals in 2023 as the consolidator expanded in the UK and across Europe.
It had spent £506.2m in 2022 on 23 acquisitions.
The 2023 bill was settled through £251.2m in cash, with the remainder split across deferred and contingent considerations as well as equity.
Of the UK deals, property broker St Giles was the most expensive, costing £90.9m in April 2023.
Pushing into the personal lines market with the purchase of Jigsaw in February 2023 cost £23.6m.
PIB also snapped up Manchester-based commercial broker RBIG (September 2023) and Bristol-based professional indemnity
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