Jardine Matheson ups stake in JLT

Jardine Matheson has made a partial cash offer for JLT through its subsidiary, JMHI.

The deal so far agreed will increase JMHI’s existing holding in the broker by 10%, to 40.35%, at a cost of £166.27 million.

The parties say the move will strengthen JLT’s competitive edge, while preserving its independence.

Also, Jardine Matheson has confirmed that JLT is a core strategic investment and that it has no intention of divesting any shares in the company.

Founded as a trading company in China in 1832, Jardine Matheson is a diversified group focused principally on Asia and with interests in engineering and construction, transport services, insurance broking, property, motor vehicles, mining and agribusiness.

The offer should enhance JLT’s prospects as it continues to expand, the firm having recently launched a new venture in South Africa in the expectation that the country will become the continent’s insurance hub.

The broker has also recently launched a European real estate practice group and is known to be interested in expanding in Nordic regions, having already been involved in the Stockholm City Line project, the Malmö City Tunnel and the Copenhagen Metro.

JLT acquired Norwegian intermediary, Tripol AS, last year, and has since been building its team in the region.