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AJG > SEC Filings for AJG > Form 8-K on 14-Nov-2013All Recent SEC Filings

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Form 8-K for GALLAGHER ARTHUR J & CO


14-Nov-2013

Completion of Acquisition or Disposition of Assets


Item 2.01. Completion of Acquisition or Disposition of Assets.

On November 14, 2013, Arthur J. Gallagher & Co., through its subsidiary, Friary Intermediate Limited (together, "Gallagher"), completed its previously disclosed acquisition of all of the outstanding ordinary shares of DMWSL 587 Limited (the "Acquisition"), which along with its subsidiaries constitute the Giles Insurance Broking Group ("Giles"). The Acquisition was completed under a Share Purchase Agreement entered into on September 4, 2013 (the "Agreement") between Gallagher and DMWSL 586 Limited (the "Seller"). In connection with the Acquisition, Gallagher paid net cash consideration of 233.7 million (approximately $375.8 million), which amount includes 2.4 million (approximately $3.9 million) held back and placed into escrow as partial security for warranty obligations under the Agreement (the "Purchase Price"). Other than with respect to the Acquisition, there is no material relationship between Gallagher and the Seller. Gallagher funded the Purchase Price using a combination of cash on hand and $330 million drawn from the revolving credit facility portion of its unsecured multicurrency credit agreement (described in Item 2.03 of Gallagher's Current Report on Form 8-K filed on September 20, 2013).

The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which is attached as Exhibit 2.1 to the Current Report on Form 8-K filed by Gallagher on September 6, 2013, and is incorporated herein by reference in its entirety.


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