Print Edition - 2018-09-19  |  Money Digest

US finance giant buys UK firm for $6.4 billion

LONDON

Sep 19, 2018-

US-based financial services giant Marsh & McLennan Companies Inc. has agreed to buy British insurance broker Jardine Lloyd Thompson for £4.9 billion ($6.4 billion, 5.5 billion euros) including debt, the pair said on Tuesday. MMC has agreed to pay £19.15 per share in cash, representing a 33.7-percent premium on JLT’s closing price on Monday, they said in a statement, noting that job cuts were likely. “JLT is a complementary strategic fit with MMC,” noted the US group’s chief executive Dan Glaser. “Bringing together our two enterprises will create a platform to deliver exceptional service to clients across geographies and specialties,” he added. MMC identified cost savings of $250 million within three years of completing the deal, likely in 2019. (AFP)

Published: 19-09-2018 08:54

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