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AUB to acquire Pemba Capital's 49% stake in Sydney-based insurance broker

AUB Group Ltd. has entered into a conditional agreement with Pemba Capital Partners Pty Ltd. to acquire its 49% interest in Sydney-based insurance broker Coverforce Holdings Pty Ltd.

The company intends to acquire 100% of Coverforce Holdings and will work with Pemba Capital to acquire the remaining shares from all other shareholders.

The aggregate total consideration for the acquisition is approximately A$150 million to A$200 million, which AUB Group intends to fund through available cash and a committed extension of its existing debt facilities.

Upon the satisfaction of AUB Group's due diligence, the transaction is expected to complete in the last quarter of 2019.