More M&A activity in the insuranceindustry. (Photo: Marsh & McLennan)
The merger and acquisition activity in the insurance industrycontinues well into 2018 with the latest announcement from Marsh & McLennan Companies Inc. The companyannounced today that it has reached an agreement to acquire JardineLloyd Thompson (JLT) Group plc. The transaction has been approvedby the boards of directors of eachcompany.
|Related: The Hartford enters definitive agreement to acquireNavigators Group
|Total cash consideration of the transaction has an estimatedenterprise value of $6.4 billion. The transaction will be funded bya combination of cash on hand and proceeds from debtfinancing. Following completion of the transaction, DominicBurke, group chief executive of JLT, will join Marsh &McLennan's executive committee.
|“The acquisition of Jardine Lloyd Thompson creates a compellingvalue proposition for our clients, our colleagues and ourshareholders,” Dan Glasser, president and CEO of Marsh &McLennan, said in a statement. “I am confident that with theaddition of the talented colleagues of JLT, Marsh & McLennanwill be an even stronger and more dynamic company.”
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