Crawford & Company's Acquisition of GAB Robins Unconditionally Cleared by Competition & Markets Authority
(Thomson Reuters ONE) -
For more information contact:
Lynn Cufley +44 (0) 207 265 4067
lynn.cufley(at)crawco.co.uk
17 March 2015
Crawford & Company's Acquisition of GAB Robins
Unconditionally Cleared by Competition & Markets Authority
LONDON - Crawford & Company is pleased to announce that the Competition and
Markets Authority (CMA) in the UK has confirmed that it has unconditionally
cleared Crawford's acquisition of GAB Robins Holdings UK Limited.
Crawford acquired GAB Robins on 1 December 2014 and was notified on 5 March
2015 that the CMA had decided to lift the ban on integration earlier than
anticipated. Today's announcement concludes the CMA's investigation.
"We are pleased to receive unconditional clearance from the CMA," says Jeffrey
T. Bowman, president and chief executive officer, Crawford & Company. "We are
now well placed to push ahead with the creation of a new and compelling claims
management service that combines the very best of both Crawford and GAB Robins."
Ian Muress, chief executive officer, Europe, Middle East, Africa & Asia Pacific,
Crawford, added: "I want to thank all our clients and employees for their
support during the past few months. It is a testament to the quality of our
combined leadership team that we were able to navigate this process so
effectively. We are now using our top talent and skilled people to create a
market-leading loss adjusting and claims management company for the UK."
- End -
Notes to News Editor:
About Crawford
Based in Atlanta, Ga., Crawford & Company (www.crawfordandcompany.com) is the
world's largest independent provider of claims management solutions to the risk
management and insurance industry as well as self-insured entities, with an
expansive global network serving clients in more than 70 countries. The Crawford
Solution(SM) offers comprehensive, integrated claims services, business process
outsourcing and consulting services for major product lines including property
and casualty claims management, workers compensation claims and medical
management, and legal settlement administration. The Company's shares are traded
on the NYSE under the symbols CRDA and CRDB.
About GAB Robins
On December 1(st) 2014, Crawford acquired 100% of the shares of GAB Robins in a
deal worth £45.8 million (US$73.3 million). Revenues for the year ended December
31, 2013 for GAB Robins were £68.6 million (US$91.1 million). At the time of
announcing the deal, Crawford expected that the transaction will be relatively
neutral to slightly negative in terms of earnings accretion in the first year,
as the benefits are expected to be offset by integration costs during 2015.
However, Crawford expects the acquisition to be accretive in the second year and
beyond, adding in excess of $0.15 in diluted earnings per share annually.
# # #
For more information, please contact:
Lynn Cufley, Communications Director
T: +44 (0) 207 265 4067
M: +44 (0) 7585 901936
lynn.cufley(at)crawco.co.uk
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Crawford & Company via GlobeNewswire
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