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. Adam Lurie, Lorna Tennent, Sebastian Barling and Andy Bruce of Linklaters LLP acted as legal advisor to AUB Group Limited.

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.