Arthur J Gallagher confirms £233m cash purchase of Giles
Arthur J Gallagher (AJG) has confirmed a cash deal worth £233m for Giles funded through free cash and borrowings on its line of credit.
The combined operation will now boast some 70 offices and 3,100 staff in the UK. Brendan McManus will join the AJG international executive committee, led by David Ross, AJG CEO.
Integration costs are estimated to range from £1.5m to £2.5m per quarter through to early 2015.
The acquisition is earmarked to generate more than £90m in annualised revenue, as well as EBITDAC of more than £30m in 2014 and £35m in 2015.
Gallagher confirmed that it expects to repay its line of credit over the next six
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