Marsh to expand in U.K. with significant acquisition
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Marsh L.L.C. on Friday said it will buy U.K. brokerage Jelf Group P.L.C. for approximately £258 million ($397.3 million).
The deal will significantly expand Marsh's retail brokerage business in the United Kingdom, the brokerage said in a statement. Jelf, which has more than 69,000 corporate and commercial clients and 37 offices in the United Kingdom, posted revenues of £43.7 million ($67.3 million) for the first six months of 2015, according to the statement.
Jelf announced last month that it was in discussions with Marsh regarding a possible sale. Under the terms of the deal announced Friday, each Jelf shareholder will receive £2.15 ($3.31) cash for each Jelf share, the statement said.
Jelf's directors voted unanimously to approve the acquisition, which is expected to close by next March.
Marsh's parent, Marsh & McLennan Cos. Inc., is the world's largest insurance brokerage, according to Business Insurance's latest ranking.
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Marsh in discussions over possible U.K. broker buy
Marsh L.L.C. is in preliminary discussions about a possible purchase of Bristol, England-based insurance brokerage and employee benefits consultancy Jelf Group P.L.C.
