AUB Group Limited (AU:AUB) has released an update.
AUB Group Limited has announced a strategic move to purchase a 70% stake in Pacific Indemnity, a specialty underwriting agency in Australia, for an enterprise value of AUD 192 million, funded by a fully underwritten AUD 200 million equity raise. The acquisition aligns with AUB’s growth strategy in financial lines specialty agencies and is expected to complete on July 1, 2024. AUB Group’s CEO expressed confidence in the acquisition, highlighting the potential for mutual benefits and expertise expansion within the group.
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