Yahoo Finance Crawford & Company's Acquisition of GAB Robins Unconditionally Cleared by Competition & Markets Authority
For more information contact:
Lynn Cufley +44 (0) 207 265 4067
lynn.cufley@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."
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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 1st 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.
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For more information, please contact:
Lynn Cufley, Communications Director
T: +44 (0) 207 265 4067
M: +44 (0) 7585 901936
lynn.cufley@crawco.co.uk
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Crawford & Company via GlobeNewswire
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