What Will Blackstone Do With Aon’s Record-Keeping Business?

Private equity firms are attracted to cash-flowing companies that help large enterprises cut costs. The Blackstone Group has agreed to buy insurance broker Aon’s benefits administration and human resources business process outsourcing (BPO) platform. This deal includes getting Aon’s U.S. defined contribution record-keeping business. The transaction includes a US$ 4.3 billion upfront payment, and upwards of US$ 500 million in possible earn-outs – thus giving a deal value of US$ 4.8 billion. Blackstone beat out rival New York-based Clayton Dubilier & Rice LLC, one of the oldest private equity investment firms in the world, in the deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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