Arthur J. Gallagher Prices Offering Of $8.5 Bln Of Shares

(RTTNews) - Arthur J. Gallagher & Co. (AJG), an insurance company, announced that it has priced an offering of $8.5 billion of shares at $280 per share. The offering is expected to be closed on December 11.

The company intends to use the net proceeds from the offering to fund a portion of the cash consideration payable in connection with its previously announced acquisition of AssuredPartners, and for general corporate purposes. 

In addition to the net proceeds from this offering, Gallagher plans to use available cash and borrowings to fund the purchase price for the transaction.

Gallagher has also granted the underwriters an option to purchase up to an additional 4.553 million shares at the same public offering price.