Arthur J. Gallagher & Co. completed the acquisition of Galloway-Chandler-McKinney Insurance Agency, Inc. from Cadence Bank.
November 29, 2023
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Arthur J. Gallagher & Co. (NYSE:AJG) entered into a definitive agreement to acquire Galloway-Chandler-McKinney Insurance Agency, Inc. from Cadence Bank (NYSE:CADE) for approximately $900 million on October 24, 2023. The consideration will be paid in cash, and is subject to customary purchase price adjustments. Cadence Insurance executive leadership, management and employees will join Gallagher following the sale. Morgan Stanley & Co. LLC and Ernst & Young acted as a financial advisors and Hodgson Russ LLP acted as a legal counsel to Cadence. John Wepler, Brian Ambrosia, Dan Skowronski, Graham Gould, Phil Trem and Gerard Vecchio of Marsh, Berry & Company, Inc. acted as financial advisor to Cadence Bank as well as Cadence Insurance, Inc. The transaction is subject to regulatory approval and anticipates the transaction, which is subject to standard closing conditions, will close in the fourth quarter of 2023.
Arthur J. Gallagher & Co. (NYSE:AJG) completed the acquisition of Galloway-Chandler-McKinney Insurance Agency, Inc. from Cadence Bank (NYSE:CADE) on November 30, 2023. Gallagher funded the transaction using free cash flow and funds received from an unsecured senior notes offering.
Cadence Bank (the Bank) is a regional banking franchise with approximately 350 branch locations across the South and Texas. The Bank provides consumers, businesses, and corporations with a range of banking and financial solutions. The Bank's services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, small business administration (SBA) lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management. The Bank offers baking solution in checking accounts, savings accounts, mortgages, investment management, credit cards, online and mobile banking, debit cards, treasury management, wealth management, trusts, business loans, business online banking, and merchant services.