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    AUB   AU000000AUB9

AUB GROUP LIMITED

(AUB)
  Report
Delayed Australian Stock Exchange  -  12:10 2022-12-05 am EST
23.19 AUD   +0.17%
11/15Insider Buy: Atlantic Union Bankshares
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11/03AUB Group Expects FY23 Underlying Net Profit After Tax to Range Up to $73 Million
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AUB Group Limited completed the acquisition of 100% stake in Tysers Insurance Brokers Limited from Odyssey Investment Partners, LLC.

09/30/2022 EST

AUB Group Limited (ASX:AUB) entered into a binding agreement to acquire 100% of Tysers Insurance Brokers Limited from Odyssey Investment Partners, LLC for £600 million on May 9, 2022. As reported, £500 million purchase price is on a debt free basis with potential additional deferred consideration of up to £100 million based on the achievement of revenue targets. As part of the consideration, AUB will issue 9,018,974 ordinary share to the vendors of Tysers, which values £100 million. The acquisition will be funded from proceeds of an Equity Raising and a placement for AUD 526 million (£298.2 million), and a new AUD 675 million (£382.6 million) multi-currency debt facility. For the year 2021, Tysers reported revenue of AUD 322.1 million (£173 million) and EBITDA of £36.4 million. Tysers has in place a strong management team which will continue to manage day to day operations. To facilitate integration into the broader AUB group, Mike Emmett AUB Group Chief Executive Officer and Peter Harmer Current AUB Non-Executive Director will be appointed to the Tysers Board. Completion of the acquisition is expected in AUB's 1H23, subject to regulatory approvals. The acquisition is expected to result in 30% underlying pro forma EPS accretion on a pro forma CY22 basis. Macquarie Capital is acting as financial adviser and Allens and Linklaters are acting as legal advisers to AUB Group on the acquisition.

AUB Group Limited (ASX:AUB) completed the acquisition of 100% stake in Tysers Insurance Brokers Limited from Odyssey Investment Partners, LLC on September 30, 2022. In accordance with the terms of the Acquisition and as previously announced, AUB confirms that it has now issued 9,018,974 new shares (New Shares) to Tysers' former owner, Odyssey Investment Partners. The New Shares will be escrowed for a 24-month period. AUB has drawn down AUD598 million of its new AUD675 million multi-currency debt facility. AUB expects leverage to reduce over the next 12 months. All the conditions were fulfilled of relevant conditions precedent, including regulatory approvals.


ę S&P Capital IQ 2022
All news about AUB GROUP LIMITED
11/15Insider Buy: Atlantic Union Bankshares
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11/03AUB Group Expects FY23 Underlying Net Profit After Tax to Range Up to $73 Million
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11/03Asia United Bank's Net Income Soars 57% in Q3
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11/02Transcript : AUB Group Limited - Shareholder/Analyst Call
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11/02AUB Group Limited Appoints Richard Deutsch as Non-Executive Director
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11/02Insider Buy: Atlantic Union Bankshares
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11/02Insider Buy: Atlantic Union Bankshares
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10/20Atlantic Union Bankshares Q3 Adjusted Earnings Fall, Revenue Rises
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09/30AUB Group Completes Wholesale Broker Acquisition
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09/30AUB Group Limited completed the acquisition of 100% stake in Tysers Insurance Brokers L..
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More news
Financials
Sales 2023 993 M 674 M 674 M
Net income 2023 91,1 M 61,8 M 61,8 M
Net Debt 2023 90,1 M 61,1 M 61,1 M
P/E ratio 2023 23,5x
Yield 2023 2,91%
Capitalization 2 354 M 1 597 M 1 597 M
EV / Sales 2023 2,46x
EV / Sales 2024 2,05x
Nbr of Employees 1 208
Free-Float 98,8%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 23,15 AUD
Average target price 26,80 AUD
Spread / Average Target 15,8%
EPS Revisions
Managers and Directors
Michael Patrick Cheere Emmett Chief Executive Officer, MD & Executive Director
Mark Jonathan Shanahan Chief Financial Officer
David Clarence Clarke Non-Executive Chairman
Robin Jane Low Independent Non-Executive Director
Paul Alan Lahiff Independent Non-Executive Director
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