Brown & Brown, Inc. (NYSE:BRO) entered into an agreement to acquire BDB Limited for £88 million on February 4, 2022. Brown & Brown will pay a purchase price of £59 million. In addition, the sellers of BDB may receive additional consideration, if earned, in the form of earn-out payments in the aggregate amount of up to £29 million in cash over three years, which is subject to certain conditions and the successful achievement of annual EBITDA growth rate targets for the acquired business. BdB will continue to operate from current locations in London, Belgium and Italy and under the leadership of Silvestro de Besi, Pierluigi Pezone, Peter Goff, Matteo Giuliani, David Colville, Martin Lunn, Steve Toye and Matthew Kendall. BdB will report to Steve Boyd, president of Bridge Specialty Group. The transaction is subject to certain closing conditions and is expected to be closed in the second quarter of 2022.The transaction is expected to close in the third quarter of 2022.

Brown & Brown, Inc. (NYSE:BRO) completed the acquisition of BDB Limited on August 2, 2022.