Three-way split hands Willis $160m to pay off debts
Willis is to cut its stake in French insurance broker Gras Savoye & Cie, in a deal with private equity firm Astorg Partners and Gras Savoye family shareholders
Astorg Partners will acquire 33.3 percent of the voting rights (31.8 percent of outstanding shares) of a new holding company while Willis and the family shareholders will sell part of their stakes in Gras Savoye to Astorg Partners and roll over their remaining shares into the new holding company, through a combination of equity, convertible debt and seller financing.
Willis, the family shareholders of Gras Savoye, and Astorg will hold equal stakes of 31.8% in the new holding company and have equal representation of 33.3 percent of the voting rights on its Board. The remaining 4.5% will be held by a large pool of Gras Savoye managers.
Willis will use the $160m tax-free proceeds to pay down debt.
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