Marsh & McLennan Companies has announced today it has reached an agreement to acquire Jardine Lloyd Thompson Group plc for a total consideration of USD 6.4 billion, as part of its strategy to be the preeminent global firm in the areas of risk, strategy and people.
JLT’s track record of strong organic growth and attractive geographic diversification enhance MMC’s ability to accelerate growth and margin expansion across products and geographies. Jardine Lloyd Thompson Group plc is a leading provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services, while MMC acts globally as a professional services global firm offering clients advice and solutions in risk, strategy and people.
The transaction has been approved by the Board of Directors of each of MMC and JLT. Under the terms of the transaction, holders of JLT’s common shares will receive cash consideration of GBP 19.15 per share. Total cash consideration equates to USD 5.6 billion infully diluted equity value, or an estimated enterprise value of USD 6.4 billion. The transaction will be funded 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. On a personal level, I have come to know, and respect, Dominic BURKE and his management team from my time both at MMC and as an underwriter. I am confident that with the addition of the talented colleagues of JLT, Marsh & McLennan will be an even stronger and more dynamic company,” said Dan GLASER, President and Chief Executive Officer of MMC.
Following completion of the transaction, Mr. BURKE, Group Chief Executive of JLT, will join MMC as Vice Chairman and serve as a member of MMC’s Executive Committee.
Dominic 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.”…