PSC Insurance Group Limited (ASX:PSI) entered into a non-binding agreement to acquire Ensurance UK Limited from Ensurance Limited (ASX:ENA) for AUD 8.2 million on July 22, 2022. PSC Insurance Group will satisfy the consideration by paying AUD 6.15 million in cash and AUD 2.05 million, in fully paid ordinary shares of PSC (to be held in escrow for a period of 12 months). Ensurance UK reported revenues of AUD 4.4 million. The transaction is subject to completion of financial, commercial and legal due diligence by PSC on Ensurance UK to the satisfaction of PSC; agreed transaction documentation; change of control approval from the Financial Conduct Authority (UK); Ensurance Limited obtaining all necessary shareholder, statutory and regulatory approvals; and PSC Board approval. The transaction is expected to complete on July 31, 2022. As of November 4, 2022, Completion remains subject to usual closing conditions, the most material of which will be approval by the Financial Conduct Authority in the UK. This is expected to take 3-6 months. The Company will keep shareholders informed on the progression of the transaction. Ensurance also advises that, with the progression of the transaction with PSC, Tim James will step down from his position as Chief Executive Officer at Ensurance UK, having held the position for the past five years. The successful completion of due diligence by PSC during the September quarter. As of November 4, 2022, The transaction is expected to complete by February 28, 2023. As per the FY23 half year results announced by PSC Insurance Group Limited on February 22, 2023, the transaction is expected to complete in Q3 of 2023. Regulatory approval for the sale in the UK was received subsequent to the end of the period, paving the way for targeted completion of the transaction in the third quarter of the current financial year.

PSC Insurance Group Limited (ASX:PSI) completed the acquisition of Ensurance UK Ltd from Ensurance Limited (ASX:ENA) on March 10, 2023.