Brown & Brown, Inc. (NYSE: BRO) has announced the pricing of its public offering of 39,215,686 shares of its common stock at a price to the public of $102.00 per share, resulting in an aggregate offering amount of $4 billion. The offering is expected to close on June 12, 2025. The company has also granted the underwriters a 30-day option to purchase up to an additional $400 million in shares of common stock at the public offering price, less underwriting discounts.
The net proceeds from the offering are expected to be approximately $3.9 billion, after deducting underwriting discounts and expenses, and assuming no exercise of the underwriters' option to purchase additional shares. The company intends to use the net proceeds to fund a portion of the consideration payable pursuant to a merger agreement and for paying fees and expenses associated with the transaction. If the transaction is not consummated, the company intends to use the net proceeds for general corporate purposes.
Brown & Brown, Inc. is a leading insurance brokerage firm with a global presence spanning 500+ locations and a team of more than 17,000 professionals. The market has reacted to these announcements by moving the company's shares 2.22% to a price of $106.80. If you want to know more, read the company's complete 8-K report here.
