Aon has accomplished the acquisition of center market insurance coverage middleman NFP in a transaction valued at $13bn (£10.39bn).
The money and inventory deal was first introduced in December 2023 and has concluded sooner than anticipated.
Particularly, the acquisition consists of $7bn in money and assumed liabilities, together with $6bn in fairness via 19 million Aon shares.
Established in 1999, NFP is a US-based firm specialising in P&C insurance coverage brokerage, advantages and retirement plan advisory, and wealth administration providers.
With a workforce of seven,700 workers, NFP has been devoted to serving center market clients.
Put up acquisition, NFP will preserve its operational independence however will leverage Aon’s danger capital and human capital capabilities.
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NFP CEO Doug Hammond will proceed to guide the enterprise, reporting to Aon president Eric Andersen.
Aon has mentioned that the expedited closure of the deal will contribute to an earlier-than-anticipated realisation of accretion and free money stream advantages.
UBS Funding Financial institution was the unique monetary advisor to Aon, whereas Citi offered monetary recommendation and help with transaction financing.
Authorized counsel was offered by Cravath, Swaine & Moore and McDermott Will & Emery.
Aon CEO Greg Case mentioned: “It’s a historic day for our agency as we welcome NFP to Aon and work collectively to assist purchasers deal with growing volatility throughout danger and other people points. With high-performing groups and main content material and functionality – additional enabled by our Aon Enterprise Companies working platform – we are going to create extra worth for our purchasers, whereas additionally enhancing long-term shareholder worth creation for buyers. ”
Hammond added: “With Aon’s acquisition of NFP now full, we’re beginning an thrilling new chapter in our firm’s historical past. We stay up for the optimistic influence that our complementary experience and capabilities may have on all stakeholders. Aon’s numerous assets and international attain improve our potential to serve the dynamic danger, workforce, wealth administration and retirement wants of our purchasers.”
This acquisition follows Aon’s latest enlargement within the Indian market via the acquisition of International Insurance coverage Brokers (GIB).
With 17 workplaces, GIB has been a key participant in India since 1973, providing providers in danger consulting, insurance coverage placement, and danger and claims administration.
