Acquisition of 50.1% of Orbital finalised
Broker Jardine Lloyd Thompson (JLT) has completed its acquisition of a 50.1% stake of Chilean broker Orbital’s holding company, Alta.
JLT has an option to acquire a further 25% of Alta in 2020.
The broker first announced its intention to buy the stake on 28 June.
JLT paid CLP7.9bn (£10m) for the initial 50.1% stake. The amount it pays for the additional stake in 2020 will be based on the profitability of the business at that time.
In addition to being the holding company for Orbital, which is Chile’s fourth-largest broker, Alta also owns Alta Re, a reinsurance broker that started operating in April 2010.
“I am delighted that Orbital and Alta Re are now part of the JLT group, said Vyvienne Wade, CEO of JLT Latin America, in a statement. “Both are leading firms in Chile’s well established market and they add significantly to our capabilities in the region.“
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