Aon, a global re/insurance broking group, has signed a definitive agreement to sell a significant majority of NFP’s wealth business to Madison Dearborn Partners, LLC, a Chicago-based private equity investment firm, for a total consideration estimated to be $2.7 billion at the time of close.
Madison Dearborn Partners total consideration of $2.7 billion at the time of close will result in total after-tax cash proceeds of approximately $2.2 billion.
The wealth businesses represent approximately $127 million in EBITDA for the trailing twelve-month period ending June 30th, 2025.
The transaction is expected to close in late Q4 2025, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals.
Given the expected timing of the close, the financial impact on Aon’s full-year 2025 results is not expected to be material.
Following the acquisition, the acquired businesses will be consolidated and operate under a unified brand name. The company will be led by Michael LaMena, the current Chief Executive Officer (CEO) of Wealthspire Advisors, as CEO and Carl Nelson (currently Head of M&A for NFP) as President.
Greg Case, CEO, Aon, commented, “With our 3×3 Plan to accelerate our Aon United strategy, we are more focused than ever on serving our clients’ risk and people needs with distinction. This transaction reinforces our ongoing commitment to investing in and growing our core Risk Capital and Human Capital capabilities.
He added, “Through disciplined portfolio management, we are further strengthening our capital position while enabling greater flexibility for high-return growth investments that drive sustained value creation and shareholder returns. We remain highly committed to our core wealth and retirement business helping employers, fiduciaries and investment officers through our leading institutional retirement, investment consulting and delegated management capabilities and expertise.”
Vahe Dombalagian, Managing Partner and Co-Head of Financial Services at MDP, who led the transaction alongside Matt Raino, Partner and Co-Head of Financial Services at MDP, stated, “For more than twenty years, we have successfully generated value for our portfolio companies in the financial services sector and are tremendously excited to welcome these outstanding businesses back to MDP. Aon and NFP have been great partners and we’re pleased to deepen our relationship through this transaction.”
Doug Hammond, CEO, NFP, added, “With MDP’s support, these companies will continue to thrive, working together to grow organically and through acquisitions, enhance the value they deliver to clients and create new opportunities for employee development. We look forward to continuing to accelerate growth in our middle market-focused businesses by helping clients overcome challenges and meet their goals.”
Aon’s financial advisors were UBS Investment Bank as lead financial advisor and Moelis & Company LLC, while Skadden, Arps, Slate, Meagher & Flom LLP and Dentons were external legal counsel to Aon.
MDP’s financial advisor was Goldman Sachs & Co LLC, while Paul, Weiss, Rifkind, Wharton & Garrison LLP and Kirkland & Ellis, LLP provided legal counsel.
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