Global broker Arthur J. Gallagher & Co. has agreed to acquire the partnership interests of BCHR Holdings, L.P., which does business under the name Buck.
Buck provides of retirement, human relations, and employee benefits consulting and administration services. The organization has a long history, dating back more than 100 years, with a diverse client base by both size and industry. With more than 2,300 employees, including more than 220 actuaries, Buck primarily serves customers throughout the U.S., Canada and the UK.
Under the agreement, Gallagher will pay a gross consideration of $660 million. Gallagher said it expects to fund the transaction through free cash flow and short-term borrowings.
Gallagher CEO J. Patrick Gallagher, Jr., said Buck’s defined benefit offerings, investment consulting, digital employee engagement platform and international footprint will “broaden, deepen and enhance” his firm’s client offerings. Gallagher sees potential cross-selling opportunities across current benefits and property/casualty clients.
The transaction is expected to close during the first half of 2023, subject to customary regulatory approvals.
Arthur J. Gallagher is headquartered in Rolling Meadows, Illinois. and provides services in approximately 130 countries.
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