Formula for the final purchase price also set out in new shareholder agreement
Willis Group Holdings has extended the date of its call option to acquire full ownership of French insurance broker Gras Savoye by one year.
The extension from 2015 to June 2016 has been agreed to allow additional time for Gras Savoye to complete its restructure and for all parties to plan for the proposed transition.
The amendment to the shareholders’ agreement also sets out a formula for the final purchase price based on measures of Gras Savoye’s financial performance in 2014 and 2015.
Willis owns about 30% of Gras Savoye, as does private equity firm Astorg Partners and the original family shareholders.
Willis chief executive Dominic Casserley said: “This amendment is good for Gras Savoye and good for Willis and our shareholders.
“This amendment provides Gras Savoye with a longer horizon to execute their restructuring and gives Willis the ability to observe and be sure of its performance and more time to plan to take advantage of the potential of an expanded presence.”
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