An ASX-listed risk management and insurance broker has announced a major milestone towards the $75 million acquisition of a Lloyd’s and London market broker.
Read more: PSC Insurance Group to snap up UK-based broker for $75 million
PSC Insurance Group confirmed that it has received United Kingdom Financial Conduct Authority (FCA) approval for its acquisition of Paragon, announced to the market on July 25, along with its capital raising.
“The contract remains conditional on one minor remaining condition precedent,” the insurance group said in a statement. “We are confident this condition will be met in a timeframe that will allow us to target, under the terms of the contract, a September 2019 month end completion date.”
After the deal has been completed, Paragon will continue to operate as an autonomous business unit of PSC and the leadership team of Paragon will continue in their role of managing the operations of the business.
The deal is expected to generate PSC with incremental annual EBITDA of approximately $7.5 million (£4.2 million).
