Travelers: UK Simply Business to be acquired from Aquiline.
(CercleFinance.com) - Travelers has agreed to acquire UK digital small business insurance distributor Simply Business from Aquiline Capital Partners for an enterprise value of approximately 490 million dollars.
While Simply Business will still operate as a stand-alone business, Travelers plans to deploy the company's digital capabilities with its customers to make small commercial insurance transactions "easier."
The acquisition, expected to close in the third quarter of 2017, is expected to have an insignificant impact on Travelers' 2017 and 2018 earnings per share.
Travelers will fund the transaction through a combination of debt and internal funds.
The price paid will include the repayment of debt and other obligations at closing.
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