• Acquiring 95.9% of UK insurance broker Prestige for AUD 432mn
• Acquisition boosts AUB's UK scale to ~GBP 720mn GWP
• Launching AUD 400mn institutional placement, AUD 40mn SPP

AUB Group Limited (AUB) has announced it has entered into an agreement to acquire 95.9% of PIHL Holdings Limited ('Prestige'), a diversified insurance broking and underwriting platform in the UK, for AUD 432mn (GBP 219mn). Prestige is a scaled platform with a strong presence across the UK and Ireland, including 18 retail broking branches. The acquisition is highly complementary to AUB's UK strategy, materially bolstering its scale (to ~GBP 720mn GWP in UK Retail) and capability in the UK market. It also marks AUB's entry into the UK MGA segment. The company expects to achieve more than AUD 10mn in cost synergies by the end of FY27, in addition to revenue upside from cross-sell opportunities. To fund the acquisition, AUB is launching a fully underwritten AUD 400mn institutional placement and a non-underwritten AUD 40mn share purchase plan for eligible shareholders. AUB has also entered into an additional AUD 200mn debt facility with Macquarie Bank Limited. The acquisition and step-ups are expected to be EPS neutral pre-synergies and low to mid single digit EPS accretive post synergies for CY25 on a pro-forma basis.

AUB expects 1H26 UNPAT to be in the range of AUD 90mn - 91mn and reaffirms FY26 UNPAT guidance of AUD 215.0mn - 227.0mn, before the impact of the Prestige acquisition and step-ups.