JLT sells stake in Paris insurance brokerage
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Jardine Lloyd Thompson Group P.L.C. has agreed to sell its 26.2% stake in Milestone, the holding company of Paris-based brokerage Siaci St. Honoré, to Paris-based private investment company Ardian.
The deal will net JLT an exceptional gain of £21 million ($32.0 million) in 2015, with net proceeds of £82.1 million ($125.2 million) payable in cash and used to repay debt, London-based JLT said Friday in a statement.
The deal, which is subject to the signing of a definitive agreement and authoritative approval, is expected to close in April, JLT said.
According to the statement, Milestone's pretax profit in the year ended Dec. 31, 2013, was £24 million ($36.6 million), and it contributed £5 million ($7.6 million) to JLT.
JLT said it will continue to work with Siaci St. Honoré on joint ventures in areas including energy, construction, marine and cargo, and credit and political risk. Siaci St. Honoré will remain the exclusive partner of the JLT international network in France, according to the statement.
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