PSC Insurance Group Limited entered into an agreement to acquire Insurance broking portfolio and other business assets of Alliance Insurance Broking Services Pty from Alliance Insurance Broking Services Pty Ltd for AUD 24.5 million.

PSC Insurance Group Limited (ASX:PSI) entered into an agreement to acquire Insurance broking portfolio and other business assets of Alliance Insurance Broking Services Pty from Alliance Insurance Broking Services Pty Ltd for AUD 24.5 million on August 17, 2021. Under the terms, First tranche of AUD 18.40 million payable in cash upon completion, Second Tranche of AUD 3.07 million payable in cash within 90 days following the 1st anniversary of completion, with this amount subject to a rise and fall adjustment dependent on the revenue of Alliance during the 12 months period post completion, Final Tranche of AUD 3.07 million payable in cash within 90 days following the 2nd anniversary of completion, with this amount subject to a rise and fall adjustment dependent on the revenue of Alliance during the 12 months period post the first anniversary of completion. The cash component of the First Tranche will be funded via a combination of existing capacity within the PSC Insurance Group's debt facilities and cash. The acquisition of Alliance is subject to a number of customary conditions, and the acquisition is expected to close within the next 4 weeks.