News - JLT completes US sale to Alliant

UK-based international broker Jardine Lloyd Thompson (JLT) has confirmed that the sale of its US pro...

UK-based international broker Jardine Lloyd Thompson (JLT) has confirmed that the sale of its US property and casualty insurance and employee benefits businesses to Alliant Insurance Services was completed after the close of business yesterday. The transaction was completed on the originally announced terms.

The consideration is $100m, including $5m of deferred consideration payable by instalments at the end of 2008 and 2009, subject to the profitability of the businesses being sold.

The net consideration on completion after transaction costs, including retention bonuses, is approximately $85m, payable in cash.

JLT said the proceeds will be used to further enhance the group's financial position, including debt reduction.

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