JLT shareholders approve $6.4bn Marsh merger
The shareholders of re/insurance broker Jardine Lloyd Thompson Group (JLT) have approved the $6.4 billion acquisition deal of JLT by Marsh & McLennan Companies (MMC).
Marsh said 99.9 percent of JLT shareholders voted in favour of the transaction.
“Today’s vote is an important milestone. The process of planning the future of Marsh & McLennan and JLT together now begins in earnest," said Dan Glaser, CEO of MMC. "The colleagues I’ve met at town halls are enthusiastic about bringing the best of both organizations together for the benefit of our clients," Glaser said.
“Upon closing, the combined firm will have the deepest pool of talent in the industry; the broadest industry expertise; and the greatest capability to invest in data, analytics and digital solutions. We will meet our clients’ greatest challenges with innovation and thought leadership,” Glaser added.
The acquisition was first announced in September 2018 when the board of directors of both companies approved the transaction.
The transaction will be funded by a combination of cash on hand and proceeds from debt financing. The total cash consideration would be $5.6 billion in fully diluted equity value while the total estimated enterprise value is $6.4 billion.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Munich Re CFO confident about P&C growth
Markel forms strategic alliance with UAE's Etihad Credit Insurance
Munich Re invests in Fraugster, seals partnership for fraud detection
