MMC completes JLT purchase
Marsh & McLennan Companies (MMC), a New York, US-based risk solutions provider, has announced the acquisition of insurer Jardine Lloyd Thompson Group (JLT).
Marsh & McLennan Companies (MMC), a New York, US-based risk solutions provider, has announced the acquisition of insurer Jardine Lloyd Thompson Group (JLT).
According to MMC, total cash consideration equates to US$5.6 billion in fully diluted equity value, or an estimated enterprise value of $6.4 billion, with holders of JLT’s common shares receiving cash consideration of £19.15 per share. The transaction, approved by the Board of Directors of each of MMC and JLT, will be completed by a combination of cash on hand and proceeds from debt financing.
“The acquisition of Jardine Lloyd Thompson creates a compelling value proposition for our clients, our colleagues and our shareholders. The complementary fit between our companies creates a platform to deliver exceptional service to clients and opportunities for our colleagues,” said Dan Glaser, President and CEO of MMC.
The deal will see current JLT Group Chief Executive Dominic Burke join MMC as Vice Chairman and serve as a member of MMC's Executive Committee.
Burke said: "I am enormously proud of what JLT has achieved, founded on our people, our culture and our unwavering commitment to our clients. MMC is, and always has been, one of our most respected competitors and I believe that, combined, we will create a group that will truly stand as a beacon for our industry."