Arthur J. Gallagher & Co. (NYSE:AJG) entered into a definitive agreement to acquire Galloway-Chandler-McKinney Insurance Agency, Inc. from Cadence Bank (NYSE:CADE) for approximately $900 million on October 24, 2023. The consideration will be paid in cash, and is subject to customary purchase price adjustments.

Cadence Insurance executive leadership, management and employees will join Gallagher following the sale. Morgan Stanley & Co. LLC and Ernst & Young acted as a financial advisors and Hodgson Russ LLP acted as a legal counsel to Cadence.

John Wepler, Brian Ambrosia, Dan Skowronski, Graham Gould, Phil Trem and Gerard Vecchio of Marsh, Berry & Company, Inc. acted as financial advisor to Cadence Bank as well as Cadence Insurance, Inc. The transaction is subject to regulatory approval and anticipates the transaction, which is subject to standard closing conditions, will close in the fourth quarter of 2023.