Integro's leverage in spotlight as Tysers deal nears

US broker Integro was recently running a pro forma
debt-to-Ebitda ratio in excess of 9x, numbers from Moody's
show, as it enters exclusive takeover talks with independent London
broking house Tysers.
Earlier this month,this publication revealed private equity-backed Integro had
fought off competition from Tysers' long-term suitor RFIB and
US wholesale giant AmWins to secure exclusivity.One banking source suggested that the purchase price was in the
region of £120mn ($159mn), or more than 1