Capita has confirmed its £33m takeover of the UK business of loss adjuster McLarens Toplis by announcing the deal to the London Stock Exchange on Tuesday (May 29).
The outsourcing giant said it had received acceptances for its deal from 75% of McLarens Toplis shareholders and that it expected the offer to be accepted in full by June 15. The business will be renamed Capita McLarens.
The loss adjuster made a trading profit of £3.6m before partners' bonuses in 2000 on a turnover of £73m. It had net assets of £5m.
News of the merger sent Capita's share price soaring to a high of 517p before it fell back slightly to 490p at the time Insurance Times went to press on Tuesday.
Bosses at Capita said last week they hoped to unveil the deal on Thursday, but legal considerations delayed the statement until May 29.
Capita is withholding £5m of the £33m purchase price until April 2003.
The merger deal does not extend to the international division of McLarens Toplis. This is being retained by existing shareholders and will trade outside the UK as McLarens International Group.
Commenting on the acquisition, Capita executive chairman Rod Aldridge said: “The acquisition of McLarens Toplis coupled with Capita's existing capability, delivered through Capita Eastgate, provide Capita with an unparalleled capability to provide a total outsourcing service to the UK insurance sector.”