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Australia's Cover-More Group to acquire Travelex Insurance Services

Australia-based travel insurance provider Cover-More GroupLtd. will acquire Travelex Insurance Services Inc. for US$105 million.

On a pro-forma basis, Travelex Insurance Services generatedabout US$124 million in gross written premium and US$9.5 million in EBITDA forthe 12 months ended June 30.

Excluding cost synergies, the transaction is expected to below-single-digit accretive to Cover-More Group’s EPS.

The deal will be funded through an entitlement offer toraise about A$73.3 million. The balance will be funded via a drawdown of acorporate bank debt facility.

The transaction is expected to be completed late in 2016.