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LONDONJLT Corporate Risks Ltd., part of Jardine Lloyd Thompson Group P.L.C. has reached an agreement to acquire specialist broker Pavilion Insurance Network P.L.C. for £6.62 million ($13 million) in cash.
The offer price represents a premium of approximately 28% to the closing price of 9.375 pence for each Pavilion share on March 8, 2007, the last dealing day prior to Pavilion's confirmation that it was in talks with a potential bidder.
Pavilion is an internet-based intermediary that provides niche insurance solutions. Commenting on the offer, Dominic Burke, JLT chief executive officer said that the acquisition will provide JLT with access to online distribution and additional expertise in meeting the insurance needs of affinity groups.