Something happened, now this stock is moving
AUB Group Ltd (ASX:AUB) made an announcement and now the stock is trading 1.34% lower at 10am Sydney time.
AUB Group Ltd has announced that it has agreed to acquire Tysers, a leading London and Lloyd’s wholesale broker with global distribution and access to specialist underwriting expertise, in a deal worth $880m. The acquisition will be funded by a $350m equity raising, a Placement of $176m of AUB shares to the vendor of Tysers to be issued on acquisition completion, and a new $675m underwritten debt facility. The highly strategic acquisition will result in a market leading product and service offering AUB clients the ability to provide differentiated offerings for AUB brokers, underwriting agency network and customers, enhanced margin on existing GWP, and investment in a respected Lloyd’s broker.
Following today’s announcement, AUB Group shares are now down 15.90% year-to-date.
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