Under the agreement, Gallagher will acquire the partnership interests of BCHR Holdings and its subsidiaries for a gross consideration of $660 million (or approximately $585 million net of agreed seller funded expenses and net working capital).
The transaction is expected to close sometime during the first half of 2023, subject to customary regulatory approvals, a release said.
Buck is a leading provider of retirement, HR, and employee benefits consulting and administration services. With a history dating back over 100 years, the company currently has more than 2,300 employees, including over 220 credentialed actuaries, and serves clients in the US, Canada, and the UK. According to Gallagher, the acquisition of Buck is its largest HR benefits acquisition to date.
“Providing a comprehensive suite of products and services that allows employers to attract, engage and retain talent is at the heart of Gallagher Benefit Services’ mission and our global Gallagher Better Works value proposition,” said Gallagher chairman, president and CEO J. Patrick Gallagher, Jr. “Through the complementary strengths of Buck’s defined benefit offerings, investment consulting, digital employee engagement platform and international footprint, the acquisition will broaden, deepen and enhance our client offerings. I look forward to welcoming the 2,300 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals.”
Last month, Gallagher announced its acquisition of Bulen & Associates Insurance Services. Based in Murrieta, CA, Bulen & Associates is a P&C agency serving individuals and businesses in Southern California.
