Tysers
-
New owner AUB expects the acquisition to deliver A$25mn in synergies. -
Staff are following their former leaders Mike Godfrey and David Long to the General Atlantic, CDPQ and Hg-backed broker.
-
AUB chief Mike Emmett says the deal is “strategically aligned and financial compelling”.
-
The broker’s revenue rebound was offset by reductions of business in Colombia and Ecuador.
-
Despite the carrier’s profit declining, turnover increased by 15% to £19.2mn.
-
Plus this week’s top carrier results and need-to-know people moves.
-
The deferred structure – and the uncertainty around the size of the pay-outs – will create risk around talent flight for the London wholesaler.
-
The Australian buyer’s deal disclosures reveal details around regulatory probes into the London market wholesaler.
-
An additional deferred consideration of up to A$176mn may be payable two years after the completion, subject to Tysers reaching agreed revenue targets.
-
The move comes as the expected deal with AUB failed to materialise, and after Ardonagh stepped up its engagement.
-
The London market wholesaler stands to gain a variety of benefits from a possible Australian owner.
-
Odyssey began preparing Tysers for sale in May 2021 and launched a formal auction for it in June 2021.
