Arthur J. Gallagher, a US-based insurance brokerage, risk management and consulting services provider, has agreed to buy the partnership interests of BCHR Holdings (Buck).

Gallagher will pay a gross consideration of $660m or around $585m net of agreed seller-funded expenses and net working capital for Buck and its subsidiaries.

Buck is engaged in offering retirement, HR and employee benefits consulting and administration services.

It primarily services clients in the US, Canada, and the UK with its workforce of over 2,300, including over 220 credentialed actuaries.

Along with expanding the scope of its professional services, the transaction is expected to allow Gallagher to enhance the value it offers in the areas of administration, technology, retirement, benefits, and HR consulting.

Additionally, Gallagher will have access to “bSuite,” a platform for benefits management and employee engagement.

Furthermore, the transaction presents cross-selling opportunities across current benefits and property & casualty clients and strengthens the employee benefits, management team.

Arthur J. Gallagher chairman, president and CEO J Patrick Gallagher, Jr. said: “Providing a comprehensive suite of products and services that allows employers to attract, engage and retain talent is at the heart of Gallagher Benefit Services‘ mission and our global Gallagher Better Works value proposition.

“Through the complementary strengths of Buck’s defined benefit offerings, investment consulting, digital employee engagement platform and international footprint, the acquisition will broaden, deepen and enhance our client offerings. I look forward to welcoming the 2,300 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals.”

Earlier this week, Gallagher, which is headquartered in Rolling Meadows, Illinois, acquired NEK Insurance.