Tysers
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The Australian buyer’s deal disclosures reveal details around regulatory probes into the London market wholesaler.
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An additional deferred consideration of up to A$176mn may be payable two years after the completion, subject to Tysers reaching agreed revenue targets.
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The move comes as the expected deal with AUB failed to materialise, and after Ardonagh stepped up its engagement.
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The London market wholesaler stands to gain a variety of benefits from a possible Australian owner.
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Odyssey began preparing Tysers for sale in May 2021 and launched a formal auction for it in June 2021.
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The independent broker has an end to its long search for a new owner in sight.
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The broker’s departure from the countries followed the sale of the broker’s interest in its Argentinian and Chilean subsidiaries.
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Plus our take on London market financials a all of this week’s full-year results.
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The latest attempt to sell Tysers comes with an injection of competitive tension and an improved set of numbers for the 200-year-old broker.
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PE owner Odyssey ran a full auction last year but was unable to find a buyer for the business.
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The broker said there was increased demand for coverage from international clients.
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Client director Martyn Locke will transfer to Xenia as part of the deal.
