Marsh & McLennan Companies has been granted an early termination of the waiting period required for the completion of its previously-announced acquisition of Jardine Lloyd Thompson Group (JLT).
Termination of the Hart-Scott-Rodino (HSR) waiting period effectively concludes the review of both the Federal Trade Commission (FTC) and Department of Justice and satisfies an important condition to the closing of the acquisition.
The deal had been cemented for a cash consideration of $5.6 billion in fully diluted equity value, meaning holders of JLT’s common shares will receive cash consideration of £19.15 per share, equating to an estimated enterprise value of $6.4 billion.
The acquisition remains subject to additional required antitrust and regulatory approvals as well as the approval of JLT shareholders.
This deal saw another of the mid-sized global insurance and reinsurance brokers going to a new home, boosting Marsh’s position in reinsurance broking, combining Guy Carpenter and JLT Re’s reach and expertise.
Furthermore, Marsh and JLT has published and posted the scheme document containing the full terms and conditions of the acquisition to JLT Shareholders.
