AUB Group has wrapped up its $432 million acquisition of the Prestige business in the UK after indicating at its half-year results that the deal would settle on or before May 1.

The company made a brief statement to the Australian Securities Exchange today confirming it had completed the transaction, which was announced on January 27.

The update comes after AUB said last week it had completed a $10.6 million share purchase plan, finalised following a $400 million institutional placement launched alongside the Prestige deal.

Prestige will be combined with the Tysers retail business and become the primary brand for that part of AUB’s UK operations.

AUB CEO Mike Emmett says increased scale in the UK improves diversification across industries and client segments, and provides a platform for further bolt-on acquisitions. 

“The UK market continues to present attractive consolidation opportunities, and having a scaled platform in this market means we can act selectively and from a position of strength,” he told the results briefing. 

AUB says it is assembling the components required to underpin its UK expansion, extending across retail broking, authorised representative networks, managing general agencies capability and wholesale expertise.

“Prestige accelerates that strategy meaningfully. It brings national retail presence, strong regional brands, established insurer relationships and experienced leadership,” Mr Emmett said.

The acquisition gives AUB a 95.9% holding, with Prestige management retaining 4.1%.

The company last month upgraded its underlying net profit guidance to $220-$230 million, reflecting its first-half performance, equity step-ups and the expected contribution from Prestige.

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