In a significant brokerage merger, Aon will purchase NFP.
Albertsons Kroger Merger: Significant NFP $7 Billion.
By purchasing NFP today, a top middle market P&C broker, benefits consultant, wealth manager, and retirement plan advisor, Aon increased its footprint in the global property and casualty insurance market.
At closing, Aon will pay an estimated $13.4 billion to acquire NFP. As per the terms of the agreement, $7 billion in cash and $6.4 billion in Aon shares will be used to fund the transaction.
According to a press release from Aon CEO Greg Case, “We have continuously evolved our leading capabilities to better serve our clients’ growing needs amidst increasing volatility across the marketplace.”
“The acquisition will further strengthen our shared cultural values, create opportunities for our colleagues, and advance our relevance to clients.”
Kroger Albertsons Merger:
NFP will function as a stand-alone business after the merger and address the market under the name “NFP, an Aon company.” Global professional services company Aon does a sizable amount of insurance brokerage business.
Doug Hammond, the CEO and chairman of NFP, will keep running the company as a stand-alone but integrated platform. Eric Andersen, president of Aon, will receive his report.
Aon’s middle-market presence is expanded through the acquisition of NFP, according to the release, with capabilities in risk, benefits, wealth, and retirement plan advisory.
“NFP is a pioneer in wealth management, retirement plan consulting, benefits consulting, and property and casualty brokerage for middle-market clients
.It further stated, “[It] helps businesses and individuals handle their biggest risk, workforce, wealth management, and retirement concerns.
“This is a thrilling turning point in NFP’s history that showcases the amazing caliber of the company we’ve established and the remarkable individuals who propel our prosperity,” stated Hammond.
“Aon leads the industry in providing risk capital and human capital capabilities, so there are a lot of reasons to find this acquisition appealing.
Merger:
Aon’s extensive global reach and resources will benefit our clients, and our employees will have more chances to spur NFP’s expansion.”
The deal is anticipated to close in the middle of 2024, subject to customary conditions, such as regulatory approvals.
Financial metrics are computed with a conservative assumption of a closing date of June 30, 2025. Aon and NFP will continue to run separately through the closing date.
Aon and NFP did not provide details about the merger’s workings at the time of publication.
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