Apax Partners LLP, a prominent private equity advisory firm, announced on Monday that it has reached a definitive agreement for its funds to sell their minority interest in AssuredPartners, a global insurance brokerage entity, to Arthur J. Gallagher & Co. (AJG). The transaction, valued at $13.45 billion, will be conducted entirely in cash.
Earlier in the day, Arthur J. Gallagher, a well-known insurance company, announced that it had entered into an agreement to acquire the stock of AssuredPartners' parent company from GTCR and Apax Partners LLP-advised funds.
Apax Funds initially acquired a majority stake in AssuredPartners from GTCR in 2015 and subsequently collaborated with GTCR to recapitalize the company in 2019.
The transaction concerning the minority stake, pending regulatory approvals and standard closing conditions, is anticipated to conclude in the first quarter of 2025.
Apax highlighted that under the Funds' ownership, AssuredPartners experienced significant growth, completing approximately 400 acquisitions as part of its strategic mergers and acquisitions (M&A) initiative.
Expressing gratitude, Jim Henderson, Executive Chairman at AssuredPartners, remarked, "The Apax team's expertise in insurance distribution, thoughtful collaboration, and deep partnership over the past nine years has been crucial to our accomplishments and pivotal to our current position. Gallagher stands as a leading figure in insurance brokerage, and together, I am confident we will achieve even greater success in delivering top-notch capabilities with extensive industry-leading offerings to our clients."
