PSC Insurance Group (PSC Insurance) has confirmed its engagement in discussions related to a potential acquisition, following an approach by multiple interested parties.
The confirmation, reported by Reuters, noted that the group is exploring informal talks with a couple of international brokers, with Goldman Sachs brought on board to manage these preliminary discussions.
The Australian Financial Review’s (AFR) sources suggest that the potential suitors include US-based Arthur J Gallagher and the UK’s Ardonagh Group.
However, PSC Insurance, with a market valuation around AU$1.88 billion, has kept details about the identities of these parties or the possible valuation of any deal under wraps.
The firm instead highlighted the speculative nature of the discussions, pointing out that the finalisation of any buyout offer is subject to due diligence and a negotiation process.
PSC Insurance’s financial report for the year ending June 30, 2023 revealed a 17% underlying revenue increase to $298.6 million.
