Business
AUB Group (ASX:AUB) share price falls on acquisition deal
Insurance broker AUB Group Ltd (ASX: AUB) has announced the acquisition of 360 Underwriting Solutions, a group of ten leading underwriting agencies that covers $170 million in policy premium. Following the announcement, and in the opening minutes of this morning’s trade, the AUB Group share price has fallen 1.14% lower to $16.50.
Details of the deal
AUB Group says the deal is worth $127 million – facilitated by cash payments of $25 million, with the rest paid in equities in a newly created subdivision.
According to the company, the deal is aligned with its growth agenda, as 360 Underwriting Solutions is an established partner of Austbrokers, and will allow AUB Group to strengthen and expand the scale of its agencies…
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