Evans Bancorp, Inc. Announces Agreement To Sell the Insurance Operations Of The Evans Agency, LLC To Arthur J. Gallagher & Co. For $40M
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Evans Bancorp, Inc. (NYSE:EVBN) has announced a definitive agreement to sell The Evans Agency, LLC to Arthur J. Gallagher & Co. (NYSE:AJG) for $40 million. The transaction is expected to be completed in Q4 2023. The sale is expected to result in a net gain of approximately $15.1 million after tax for Evans Bancorp and eliminate $12 million of goodwill and other intangibles. The proceeds from the sale will be used to support strategic growth initiatives and enhance long-term shareholder value.
November 07, 2023 | 10:56 pm
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Arthur J. Gallagher & Co. is acquiring The Evans Agency from Evans Bancorp for $40 million. The acquisition will expand Gallagher's insurance brokerage, risk management, and consulting services.
Arthur J. Gallagher & Co.'s acquisition of The Evans Agency for $40 million will expand the company's insurance brokerage, risk management, and consulting services. This could potentially increase the company's market share and revenues, which could positively impact the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Evans Bancorp's sale of The Evans Agency to Arthur J. Gallagher & Co. for $40 million is expected to result in a net gain of approximately $15.1 million after tax. The proceeds will be used to support strategic growth initiatives and enhance long-term shareholder value.
The sale of The Evans Agency is a significant transaction for Evans Bancorp, which is expected to result in a net gain of approximately $15.1 million after tax. This will provide the company with additional capital to support strategic growth initiatives and enhance long-term shareholder value, which could positively impact the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100