Arthur J Gallagher has paid £210m for the goodwill and an undisclosed sum for the net assets of Oval
Arthur J Gallagher has paid £210m for the goodwill and then on top of that, an extra undisclosed sum for the net assets of Oval, according to reports.
Oval Group founder and non-executive chairman Phillip Hodson said the acquisition is a cash up front deal with no deferred consideration.
Hodson added the combined UK Group will place more than £2bn of corporate premium into the corporate retail place, making it the market leader.
Back in January Insurance Times revealed that Arthur J Gallagher had entered into exclusive discussions to buy Oval Insurance Broking.
Hodson, speaking to the Yorkshire Post, said that the deal “not only represents a good return for shareholders but also is good for clients and staff, as it is yet another evolutionary step along the path from provincial broker, RP Hodson, to national broker, Oval, to what is now one of the largest international brokers in the world”.
Gallagher was unavailable for comment.