Under the agreement, Gallagher will acquire AssuredPartners’ parent company from GTCR and funds advised by Apax Partners LLP. The net consideration for the transaction, after accounting for a $1 billion deferred tax asset, is approximately $12.45 billion, representing an EBITDAC multiple of 11.3x after synergies.

Arthur J. Gallagher said that buying the insurance broker would expand its retail middle-market property and casualty focus across the U.S.

Gallagher plans to fund the acquisition through a mix of long-term debt, short-term borrowings, free cash and common equity.