Towergate and Gallagher in final throes of the struggle to buy the consolidator

Tug of war - who will win Giles?

A deal to take over Giles is ‘imminent’ with Towergate and Gallagher final bidders

Aon is out of the race, leaving just Towergate and Gallagher as the final two bidders for the consolidator, Insurance Times understands.

A deal is understood to be close and likely to agreed within the next 48 hours.

Private equity house Charterhouse is said to want £250m for the business, but the final figure will be lower than that original asking price.

Charterhouse is the majority owner with a 63% stake, followed by Chris Giles with a 20% stake.

For a full subscriber analysis on the final two bidders, Gallagher and Towergate, click here.

 

 

 

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