Management consultant Aon (AON) said it would buy middle-market insura🉐꧑nce firm NFP in a cash and stock deal worth $13.4 billion.

The deal announced Wednesday will be funded by $7 billion of cash and $6.4 billion of Aon stock. Aon said it expects the transaction to deliver more than $2.8 billion in pre-tax gains, net of $400 million in transaction and integration costs. The deal is expected to close in mid-2024 and have a positive effect on adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share by 2027.

The 澳洲幸运5官方开奖结果体彩网:acquisition of NFP could help Aon expand its presence in the fast-growing middle-market s♓egment of insurance that covers risk, benefits, and retirement and wealth plan advisory. Aon saidಞ that NFP Chair and CEO Doug Hammond will remain in charge of the business, and will report to Eric Andersen, president of Aon.

Andersen said in a release that NFP has “one of the most hig൩h-performing leadership teams and cultures that I’ve come across in the mark💮etplace in my 30-plus years in the business.”

Shares of Aon were down 5.6% at $295.61 per share as of about 12:30 p.m. ET Wednesday following the news, and were 1.4% lower year-to-date.