PSC takeover delivers $350m payday for insurance broker
Liam WalshReporter
Key Points
- PSC Insurance has received a $2.3b takeover offer for the insurance broker.
- The potential acquirer is UK-based, private-equity backed, Ardonagh.
- PSC directors hold equity worth almost $890m in the deal.
Directors of PSC Insurance including its founder Paul Dwyer are in line for an $890 million payday following a deal to sell the Melbourne-based insurance broking business to a UK giant.
PSC was founded in 2006 with five employees and revenue of $810,000. This week, its board recommended a $2.26 billion cash offer from Ardonagh.
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