AUB Group said on Monday that it has been in discussions with Odyssey Investment Partners over acquiring Tysers, the London-based Lloyd’s wholesale insurance broker.
In an ASX listing, the Sydney-based AUB Group addressed media reports which suggested AUB had outbid a rival and was poised to snap up Tysers.
AUB, however, dispelled these reports noting that “although AUB believes in strategic rationale of the potential transaction”, the discussions “have not led to a transaction being agreed on terms acceptable to the parties”.
Earlier this year, AUB revealed that it would entertain “thoughtful” acquisition in 2022 in “complementary businesses that expand our scale and capability”.
“Our ongoing cash generation and balance sheet strength position us strongly to continue funding organic growth initiatives and disciplined acquisitions in 2h22,” AUB said in its half-year results posted to the ASX in February.
AUB increased its guidance for FY22 underlying net profit after tax, to be in the range of $72 million to $74 million, from a previous $70 to $73 million.
In the first half, the group’s underlying net profit after tax increased 16.7 per cent to $30.6 million.
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.