Aon has completed the acquisition of middle market insurance intermediary NFP in a transaction valued at $13bn (£10.39bn).
The cash and stock deal was first announced in December 2023 and has concluded earlier than anticipated.
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Specifically, the acquisition includes $7bn in cash and assumed liabilities, along with $6bn in equity through 19 million Aon shares.
Established in 1999, NFP is a US-based company specialising in P&C insurance brokerage, benefits and retirement plan advisory, and wealth management services.
With a workforce of 7,700 employees, NFP has been dedicated to serving middle market customers.
Post acquisition, NFP will maintain its operational independence but will leverage Aon’s risk capital and human capital capabilities.
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By GlobalDataNFP CEO Doug Hammond will continue to lead the business, reporting to Aon president Eric Andersen.
Aon has said that the expedited closure of the deal will contribute to an earlier-than-anticipated realisation of accretion and free cash flow benefits.
UBS Investment Bank was the exclusive financial advisor to Aon, while Citi provided financial advice and assistance with transaction financing.
Legal counsel was provided by Cravath, Swaine & Moore and McDermott Will & Emery.
Aon CEO Greg Case said: “It is a historic day for our firm as we welcome NFP to Aon and work together to help clients address increasing volatility across risk and people issues. With high-performing teams and leading content and capability – further enabled by our Aon Business Services operating platform – we will create more value for our clients, while also enhancing long-term shareholder value creation for investors. ”
Hammond added: “With Aon’s acquisition of NFP now complete, we are starting an exciting new chapter in our company’s history. We look forward to the positive impact that our complementary expertise and capabilities will have on all stakeholders. Aon’s diverse resources and global reach enhance our ability to serve the dynamic risk, workforce, wealth management and retirement needs of our clients.”
This acquisition follows Aon’s recent expansion in the Indian market through the purchase of Global Insurance Brokers (GIB).
With 17 offices, GIB has been a key player in India since 1973, offering services in risk consulting, insurance placement, and risk and claims management.
