Arthur J. Gallagher & Co. says it reached an agreement to buy London-based Giles Group of Cos. for about $362 million.
The transaction is expected to close in October, pending regulatory approvals.
Giles is an independent retail broker in the United Kingdom with over 1,100 employees operating out of 43 offices in England, Scotland, Wales, Northern Ireland, Isle of Man and the Channel Islands. The combined operation will have about 70 offices and 3,100 staff in the U.K.
Giles' CEO Brendan McManus will join the AJG International Executive Committee led by David Ross, CEO of Arthur J. Gallagher International.
J. Patrick Gallagher, Jr., chairman, president and CEO, said: "Giles has a team-based sales culture which matches ours. With our combined resources, we will be able to offer new and current clients additional and/or expanded sales and service capabilities. Together, we can significantly expand our operations in England and Scotland as well as add operating platforms in Northern Ireland,Wales,Isle of Manand the Channel Islands."
Together Gallagher and Giles will continue their common strategies of growing organically and through mergers and acquisitions.
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