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Charles Taylor buys specialist firm

by LLB Reporter
26th Jul 16 11:17 am

Deal of the day

As part of its drive to develop new lines of professional business, the London-listed insurance services group Charles Taylor has agreed to acquire a firm specialising in technical medical assistance and travel claims management for up to £29.8m (US$39m).

CEGA Solutions is a leading provider of such services – including pre-travel advice, medical screening, and corporate contingency planning – to the insurance sector, and the company has long-standing relationships with some of the biggest names in the industry. In the year to the end of December, the business achieved earnings before interest, taxation, depreciation, and amortisation (ebitda) of £3.3m on revenues of £30.6m

Charles Taylor’s CEO David Marock said CEGA’s portfolio of services would complement his group’s existing capabilities and should enable it to “deepen and develop” its relationships with leading insurers.

The quoted group paid £23.8m on completion of the deal – £700,000 of which was in its own shares – and will pay up to a further £6m (20% of which may also be in shares) over the next two years, subject to CEGA meeting performance targets. 

This story first appeared on Acquisitions Daily, a leading publication that provides critical comment, analysis and statistics on every important issue in acquisitions, mergers and buyouts. Sign up here for a free trial.

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