The proposed transaction, under which The Ardonagh Group will acquire 100 per cent of the shares in PSC for cash and, in respect of some members of senior management, a mixture of cash and equity, values PSC at approximately A$2.3 billion.

Private-equity backed UK-based insurance broking platform, The Ardonagh Group, is one of the world’s leading independent insurance broking groups operating in 30 countries including in Australia and New Zealand via its subsidiary Envest. PSC has operations stretching from Australia and New Zealand to the UK and parts of Asia. Together, the merged entity will form one of the largest private insurance distribution networks in the ANZ region.

The deal is expected to complete in September 2024, subject to shareholder, court and regulatory approvals.

The Maddocks team was led by Corporate Partner Catherine Merity, supported by Senior Associates Suzette Caldaroni and Tanja Maley and Lawyer Max Padley.

Commenting on the matter, Catherine said: “We are delighted to be assisting the PSC team along with Goldman Sachs and the company’s other advisers in this landmark transaction. We have been advising PSC since its IPO in 2015 and it is great to be involved in this acquisition which will provide a platform for continued growth for PSC and deliver value to shareholders. The size and complexity of this transaction highlights the Maddocks corporate team’s ability to successfully execute large Australian public M&A transactions”.