Global law firm Ashurst has advised Envest as part of the Ardonagh Group on the A$2.3 billion proposed acquisition of PSC Insurance Group Limited via a scheme of arrangement.
Ardonagh will merge PSC's Australia and New Zealand operations with Envest, becoming one of Australia's largest privately owned insurance distribution platforms, placing A$3.3 billion in gross written premium annually.
Completion of the transaction is subject to several customary conditions, including regulatory and PSC shareholder approvals.
Envest is an insurance investment and distribution business headquartered in Brisbane, Queensland. It was acquired by Ardonagh Group in February 2023 and trades in Australia under the Envest name. Envest has over 200,000 customers across Australia and employs more than 700 staff in 35 office locations nationwide.
PSC is an Australian-based diversified insurance services company with over 40 trading brands and operations in Australia, the United Kingdom, Ireland, Hong Kong, Vietnam, New Zealand, and Bermuda employing 900 people. PSC is a multinational ASX-listed company.
Partner John Brewster said:
"We are delighted to have worked with Ardonagh Group's other advisors to support Envest on another transformational transaction - the fourth major M&A transaction in the past four years. Congratulations to the team on this incredible deal."
The Ashurst team was led by partner John Brewster, who was assisted by: partner Rehana Box, senior associates Alex Garfinkel, John McMeniman, Alexandra Nash, Zach McLoughlin, and Gabriel McGuinness and associates Max Arundel, Alex Hutchinson, Amy Huang, and Hugh Morris (Corporate Transactions); partner Andrew Craig (Digital Economy Transactions); partner Campbell Johnston and senior associate Madelene Mulholland (Global loans).
