Aon completes acquisition of NFP to bring more capability to clients

–  Faster-than-anticipated close contributes to accretion and free cash flow benefit realization a year earlier than modeled

–  As an Aon company, NFP will operate as an independent and connected platform delivering Risk Capital and Human Capital capabilities

–  Enterprise value of $13.0 billion, including $7.0 billion cash and assumed liabilities as well as $6.0 billion in equity in the form of 19.0 million Aon shares

DUBLIN, April 25, 2024 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm, announced today that it has completed the acquisition of NFP, a leading middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP's main capital sponsor, Madison Dearborn Partners (MDP), and funds affiliated with HPS Investment Partners for an enterprise value of $13.0 billion, including $7.0 billion cash and assumed liabilities¹ as well as $6.0 billion in equity in the form of 19.0 million Aon shares.

"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," said Greg Case, CEO of Aon. "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. This acquisition is another example of how we are going further, faster with our 3x3 Plan to accelerate our Aon United strategy and further enhance our relevance to clients."

The acquisition of NFP expands Aon's presence in the large and fast-growing middle-market segment, with more than 7,700 colleagues and capabilities across property and casualty brokerage, benefits consulting, wealth management and retirement plan advisory. As an Aon company, NFP will operate as an "independent and connected" platform delivering Risk Capital and Human Capital capabilities from across Aon and will continue to be led by NFP CEO Doug Hammond, reporting into Aon President Eric Andersen.

"The idea of being 'independent and connected' is key to how we will collaborate and create more options for clients across our Risk Capital and Human Capital capabilities," said Andersen. "Doug and his team have built an exceptional client-centered business and we are focused on using our Aon Business Services platform to scale delivery of new capabilities to small and middle market clients across Aon and NFP."