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An issue has emerged in diligence, and Howden has a complex consortium to align.
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Under the proposals, Ardian would become the French broker’s main financial investor.
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Sources said the Evercore-run Risk Strategies process has drawn the interest of Brown & Brown.
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The merger is set for April 2027, subject to regulatory approval.
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The shares will be purchased via the open market or private third-party transactions.
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Owners Apax and Carlyle face critical decisions about the broker consolidator’s future strategy.
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Sources said Insurance Advisory Partners is advising the fac MGA on the strategic process.
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The broker appointed Hines Associates for a strategic review in December.
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Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.
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Evercore has reached out to a combination of strategics and private equity houses.
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The UK retail distribution firm is run by former Stackhouse Poland CEO Tim Johnson.
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Brokers and service providers dominated transaction activity.