PSC Insurance Brokers (ASX:PSI), a national insurance brokerage in Australia, has agreed to acquire Hiscock Insurance Brokers (HIB), a Melbourne-based insurance broking business for AU$3.04 million.
In a disclosure to the Australian Stock Exchange (ASX), PSC revealed that initial payment for the acquisition will be AU$2.02 million, with subsequent payments to be based on a rise and fall formula by reference to the income of the business over an 18 month period from the completion date.
The acquisition is expected to generate revenue of approximately AU$1.5 million.
“HIB is a long standing insurance broking business with a strong history of providing its clients a value added service, and is well placed in the growing south eastern suburbs of Melbourne,” PSC said in the disclosure.
At the Australian Securities Exchange, PCS Insurance Group Ltd (ASX:PSI) was up 2.564 percent on Friday’s close to end the week at 1.60 a share. – BusinessNewsAsia.com