Randall & Quilter takes over insurer JMD for GBP2m

UK's holding company Randall & Quilter Investment (LON:RQIH) said Thursday it has acquired JMD Specialist Insurance Services Group (JMD) from its management team and investment and consultancy firm B.P. Marsh & Partners (LON:BPM) for GBP2.011m (USD3.3m/EUR2.3m).

Under the agreed terms, the company will pay GBP1.312m in cash and will allocate 650,000 of its shares.

The acquisition is expected to have a positive effect on Randall & Quilter's earnings in the current financial year, the company said in a statement. Chief executive Ken Randall noted that the move would significantly expand the company's service portfolio.

Country: UK

Sector: Insurance

Target: JMD Specialist Insurance Services Group Ltd

Buyer: Randall & Quilter Investment Holdings Plc

Vendor: Management team; B.P. Marsh & Partners Plc

Deal size in USD: 3.3m

Type: Corporate acquisition

Financing: Cash & Stock

Status: Agreed

((Comments on this story may be sent to [email protected]))