7th Aug 2015 07:05
LONDON (Alliance News) - Financial services and employee benefits consultancy Jelf Group PLC on Friday said it has struck a deal to acquire Hertfordshire-based insurance broker Libra Insurance Services Ltd.
Jelf said the purchase price for the deal is undisclosed but is within the valuation range of recent acquisitions it has made. It said a significant portion of the consideration is deferred and will be paid out dependent on Libra hitting earnings targets.
It said the acquisition will strengthen its position in the SME commercial insurance sector and will add to its presence in the south east of England.
"This is another important acquisition for Jelf; with our proven integration model, we are confident that it will be profitable for the Group - adding further weight to an ever growing track record for successful acquisitions," said Jelf Chief Executive Alex Alway.
Jelf shares opened flat at 204.55 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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