(Adds further details on deal in paragraph 2 onwards) May 8...

(Adds further details on deal in paragraph 2 onwards)

May 8 (Reuters) - Australia's PSC Insurance (PSI) has agreed to be bought out by UK-based insurance distribution platform Ardonagh Group in a deal valuing its equity at A$2.26 billion ($1.51 billion), it said on Wednesday.

Under the offer, Ardonagh will pay PSC shareholders A$6.19 per share in cash, representing a premium of 7.8% on PSC's last close of A$5.74 on Wednesday.

PSC's board has recommended that shareholders vote in favour of the scheme.

"PSC's journey and values align with our own and its portfolio of highly complementary businesses provides an abundance of opportunity to strengthen our positions in Australia and wholesale and specialty markets," David Ross, Chief Executive Officer of Ardonagh Group, said.

The scheme consideration represents an implied enterprise value of A$2.43 billion.

($1 = 1.5211 Australian dollars)