WASHINGTON (dpa-AFX) - Apax Partners LLP, a private equity advisory firm, announced Monday that its funds have entered into a definitive agreement to sell their minority stake in AssuredPartners, a global insurance brokerage firm, to Arthur J. Gallagher & Co. (AJG) as part of a $13.45 billion all-cash transaction.
Earlier in the day, insurance company Arthur J. Gallagher said it has signed a deal to acquire the stock of AssuredPartners' parent company from GTCR and funds advised by Apax Partners LLP.
Apax Funds originally acquired a majority interest in AssuredPartners from GTCR in 2015 and later partnered with GTCR to recapitalize the company in 2019.
The minority stake sale, which is subject to regulatory approvals and customary closing conductions, is expected to close during the first quarter of 2025.
Apax noted that during the Funds' ownership, AssuredPartners expanded rapidly, completing around 400 acquisitions as it implemented its strategic M&A program.
Jim Henderson, Executive Chairman at AssuredPartners, said, 'The Apax team's experience in insurance distribution, thoughtful collaboration, and deep partnership over the past nine years has been fundamental to our success and is key to where we stand today. Gallagher is a premier leader in insurance brokerage and, together, I believe we will be even more successful offering clients best-in-class capabilities with industry-leading depth and offerings.'
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