Eastern Bankshares, Inc. (EBC): M&A transaction — Eastern Bankshares completes sale of Eastern Insurance to Gallagher for $511M cash

Eastern Bankshares, Inc.

Transaction closed on Oct 31, 2023; purchase price approximately $511 million in cash, subject to working capital adjustments.
Eastern Insurance serves over 75,000 individuals/businesses and represents more than 50 national/regional insurance carriers.
CEO Bob Rivers says sale enables stronger focus on core banking growth; Gallagher to remain insurance brokerage partner.
Company expects to file unaudited pro forma financial statements by November 6, 2023, giving effect to the asset sale.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Eastern Bankshares, Inc. completed a disposition involving Arthur J. Gallagher Risk Management Services, LLC for approximately $511 million in cash (closed 2023-10-31).

Action: disposition
Counterparty: Arthur J. Gallagher Risk Management Services, LLC
Consideration: approximately $511 million in cash
Closing: 2023-10-31

Exact text from the filing

set forth in the Asset Purchase Agreement dated September 19, 2023 (the “APA”), at the closing of the transaction, AJG paid an aggregate purchase price of approximately $511 million in cash consideration, subject to customary post-closing working capital adjustments. In a Current Report on Form 8-K dated September 19, 2023, the Company previously reported

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Eastern Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-267310

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