Aon’s £10.6bn acquisition of NFP passes key US test

Aon’s acquisition of NFP is on course to be completed in mid-2024 after the deal passed a key test in the US.

In an update on the £10.6bn purchase, Aon said that the waiting period over the deal had now expired under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The act requires firms to file premerger notifications to the Federal Trade Commission and the Antitrust Division of the Justice Department for certain acquisitions.

It establishes waiting periods that must elapse before such acquisitions can proceed.

While the waiting period for Aon’s purchase of NFP has finished, the deal is still subject to the receipt of other applicable regulatory approvals and customary closing conditions.

“The transaction is expected to close in mid-2024 and, until closing, Aon and NFP will continue to operate independently,” Aon said.

The deal

As part of the deal, Aon will acquire NFP from funds associated with NFP’s primary capital backer Madison Dearborn Partners (MDP) and funds linked with HPS Investment Partners – both of which also hold investments in the Ardonagh Group.

On completion of the deal, NFP will operate as an independent but connected broking business, going to market as ‘NFP, an Aon company’.

Chairman and chief executive of NFP Doug Hammond will continue to lead the business, reporting to Eric Andersen, president of Aon.

Greg Case, chief executive of Aon, said: “The acquisition will advance our relevance to clients, create opportunities for our colleagues and further strengthen our shared cultural values.

“Doug and NFP have built an exceptional team, with a complementary one-firm mindset, and we expect to both learn from their entrepreneurial culture and share with them the depth and breadth of our capabilities to create more value for clients, colleagues and shareholders.”