Arthur J. Gallagher & Co. (NYSE:AJG) entered into an agreement to acquire remaining 70% stake in Edelweiss Gallagher Insurance Brokers Limited from Edelweiss Financial Services Limited (NSEI:EDELWEISS) on July 1, 2021. Under the terms of the transaction, Arthur J. Gallagher will acquired 37,00,000 equity shares of Edelweiss Gallagher Insurance Brokers representing 70% of the paid-up share capital of EGIBL held by Edelweiss Financial Services consideration of INR 3.076 billion, in one or more tranche. In addition to the sale consideration, Edelweiss Financial Services will also be entitled to receive a deferred contingent consideration based on the future revenue of Edelweiss Gallagher Insurance Brokers Limited, in the manner set out in the Agreement. Upon competition, Edelweiss Gallagher Insurance Brokers will cease to be a subsidiary of Edelweiss Financial Services Limited. For the financial year ended March 31, 2021, Edelweiss Gallagher Insurance Brokers Limited reported revenues of INR 631.1 million, net worth of INR 1.3 billion. The transaction is subject to receipt of necessary regulatory and customary approvals (including approval of the Insurance Regulatory and Development Authority of India) and fulfilment of the obligations/conditions prescribed in the Agreement, the entire transaction is expected to be completed within 10 months. As of October 18, 2021, after receipt approval from the Insurance Regulatory and Development Authority of India, Arthur J. Gallagher & Co. acquired 61% of the stake in Edelweiss Gallagher Insurance Brokers Limited from Edelweiss Financial Services Limited. Rabindra Jhunjhunwala, Anuj Shah, Nayantara Kutty, Anshul Prakash, Ritu Shaktawat and Shailendra Bhandare of Khaitan & Co. acted as legal advisors for Arthur J. Gallagher & Co. As of March 14, 2022. Arthur J. Gallagher & Co. acquired the remaining 9% of the stake in Edelweiss Gallagher Insurance Brokers Limited from Edelweiss Financial Services Limited for INR 395.5 million.

Arthur J. Gallagher & Co. (NYSE:AJG) completed the acquisition of remaining 70% stake in Edelweiss Gallagher Insurance Brokers Limited from Edelweiss Financial Services Limited (NSEI:EDELWEISS) on March 14, 2022.