Willis offers €550m for Gras Savoye
Friday, 04 24 2015, Category: Insurance and Reinsurance, Country: World
Broker Willis has made a firm offer to acquire the remaining 70 percent of French insurance broker Gras Savoye for €550 million. The offer price includes the repayment of outstanding third party debt, which is estimated to be about €40 million. Willis has also issued a notice preserving its right under the existing shareholder agreement to acquire the remaining shares in Gras Savoye in June 2016, if the offer falls through. The purchase price would then be determined by a formula under the agreement. According to the broker, Gras Savoye’s board had received the offer positively and that, if approved, the transaction is expected to close on or around December 31, 2015.
Source: Intelligent Insurer