AUB Group has completed its landmark $880 million acquisition of Lloyd’s wholesale broker Tysers following the satisfaction of conditions including regulatory approvals.

CEO Mike Emmett says he has known Tysers and its executive team for an extensive period and AUB has been working with the firm for many years in providing clients with access to the Lloyd’s market for specialist insurance.

“I have always been very impressed with the quality of the franchise, the knowledge and expertise of the team, and its deep client relationships,” he said.

“The acquisition is not only strategically aligned and financially compelling, but strengthens our operational platform and delivers material scale. We look forward to optimising Tysers’ contribution as part of the AUB Group, a successful integration and delivering on the expected synergies.”

AUB, which announced the acquisition in May, confirmed last week it has now issued 9,018,974 new shares to Tysers’ former owner, Odyssey Investment Partners and has drawn down $598 million of its new $675 million multi-currency debt facility.

Additional deferred consideration of up to £100 million ($170 million) may also be payable two years post completion, dependent on Tysers’ achievement of agreed revenue growth targets.