- Arthur J. Gallagher (NYSE:AJG) is paying C$422M ($387M) to buy 87% of Noraxis, a top-5 Canadian insurance broker. Management will hold onto the remaining 13%.
- Noraxis had 2013 revenue of C$125M, and has 650+ employees spread out over 23 offices. AJG forecasts Noraxis will have 2015 revenue of C$138M, and EBITDAC after synergies of C$52M. The deal is expected to close in July.
- CEO J. Patrick Gallagher: "Noraxis will be able to leverage our sales and service capabilities across Canada. In particular, our combined expertise in areas such as energy, construction and mining align well with the growth opportunities in the Canadian market."
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