(Bloomberg) -- Arthur J. Gallagher & Co., the insurance broker expanding beyond the U.S. through acquisitions, sold about $821.8 million of shares in an equity offering to help fund its latest deal.
Gallagher sold 19 million shares at $43.25 apiece, below yesterday’s closing price in New York, the Itasca, Illinois- based company said in a statement distributed by PR Newswire. Morgan Stanley and Bank of America Corp. led the offering.
Chief Executive Officer J. Patrick Gallagher reached a deal April 6 to pay A$1.01 billion ($950 million) to buy the insurance-brokerage operation of Perth, Australia-based Wesfarmers Ltd. The purchase will be the largest by Gallagher, which expanded in the U.K. by buying Oval Group and the Giles Group of Companies.
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