NU Online News Service, Nov. 19, 10:47 a.m. EST
Willis Group Holdings Limited and family shareholders of French insurance broker Gras Savoye & Cie, said they have an agreement for Astorg Partners to take a third interest in Gras Savoye.
The leveraged transaction announced today with the private equity fund, will reorganize the capital of Gras Savoye and Willis said part of the deal should provide it with $160 million to pay down debt.
Gras Savoye has been an Associate company of Willis brokerage since 1997 when Willis acquired a 33 percent ownership interest. Since then, Willis has gradually increased its shareholding to 48.6 percent of voting rights (46.2 percent of outstanding shares). The family shareholders and management currently own 51.4 percent of the voting shares of Gras Savoye.
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