Australia's PSC Insurance agrees $1.51 bln takeover by UK's Ardonagh (updated)

PSC Insurance

08/05/2024 08:57

(Adds further details on deal in paragraph 2 onwards)
       May 8 (Reuters) - Australia's PSC Insurance  PSI.AX  has
agreed to be bought out by UK-based insurance distribution
platform Ardonagh Group in a deal valuing its equity at A$2.26
billion ($1.51 billion), it said on Wednesday.
    Under the offer, Ardonagh will pay PSC shareholders A$6.19
per share in cash, representing a premium of 7.8% on PSC's last
close of A$5.74 on Wednesday.
    PSC's board has recommended that shareholders vote in favour
of the scheme. 
    "PSC's journey and values align with our own and its
portfolio of highly complementary businesses provides an
abundance of opportunity to strengthen our positions in
Australia and wholesale and specialty markets," David Ross,
Chief Executive Officer of Ardonagh Group, said. 
    The scheme consideration represents an implied enterprise
value of A$2.43 billion. 
    

($1 = 1.5211 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru; Editing by Savio
D'Souza and Janane Venkatraman)
 ((Roushni.Nair@thomsonreuters.com;))