Marsh To Buy HSBC Insurance Brokerage For $216M

Law360, New York (December 18, 2009, 2:58 PM EST) -- U.K.-based Marsh Inc., the world's leading insurance broker, has agreed to buy HSBC Bank's insurance brokerage unit for £135 million ($216 million), the companies announced Friday.

Marsh will buy HSBC Insurance Brokers Ltd. with a combination of cash and the stock of its parent company, Marsh & McLennan Cos. Inc., Marsh and HSBC said. The companies said they expect the deal, which is still subject to regulatory approval, to close in the first quarter of 2010.

Along with the purchase, the two companies announced a strategic...
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