Marsh & McLennan Agency LLC entered into a Merger Agreement to acquire McGriff Parent for an aggregate purchase price of $7.75 billion in cash, subject to certain customary adjustments, the company said, on September 29, 2024.

1. 01

   Marsh & McLennan Agency LLC entered into a Merger Agreement to acquire McGriff Parent for an aggregate purchase price of $7.75 billion in cash, subject to certain customary adjustments, the company said, on September 29, 2024.

2. 02

   The company said it will assume a deferred tax asset valued at approximately $500 million in connection with the transaction. Completion is subject to the satisfaction or waiver of customary closing conditions, including regulatory approval, and the company is targeting closing by year-end.

3. 03

   The company entered into a Commitment Letter with Citigroup Global Markets Inc. under which the bank agreed to provide 100% of loans under a 364-day unsecured bridge term loan facility of up to $7.75 billion. The company said the facility will be reduced by the net cash proceeds of a term loan, debt, equity or equity-linked issuances, or asset dispositions.

4. 04

   The company said McGriff generated $1.3 billion in revenue for the trailing twelve months ended June 30, 2024, and that more than 3,500 employees will join Marsh McLennan Agency upon closing.

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