Insurance broker and consultant Coyle Hamilton is to sell a majority stake to US-based Willis, which is the world's third largest insurance broker.
The remaining stake in Coyle Hamilton will also be sold to Willis over the coming years. The deal is subject to shareholder and regulatory approval. No figures were disclosed but industry sources believe the total value of the deal is in excess of €70m.
After completion of the deal, the two companies' Irish businesses will be merged under a new name, Coyle Hamilton Willis. Coyle Hamilton chief executive Hugh Governey will head the new entity.
Coyle Hamilton's businesses in London and Belfast will also be merged with Willis's operations in these markets.
Coyle Hamilton employs 500 people and has annual revenue of around €50m. Willis's Irish operations currently employ around 35 people.
