LONDON (dpa-AFX) - Aon plc (AON), a professional services firm, on Wednesday announced it has entered into a definitive agreement to sell a significant majority of NFP's wealth management business, including Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth, and related platforms, to Madison Dearborn Partners, LLC, a private equity firm based in Chicago.
The transaction is expected to close in the late fourth quarter.
Under the terms of the agreement, Madison Dearborn Partners will acquire the businesses for a total estimated consideration of $2.7 billion at closing, generating approximately $2.2 billion in after-tax cash proceeds for Aon.
The divested businesses generated approximately $127 million in EBITDA for the trailing twelve-month period ending June 30.
Following the close of the transaction, the businesses acquired by MDP will be consolidated and operate under a single, unified brand.
Michael LaMena, currently CEO of Wealthspire Advisors, will serve as Chief Executive Officer, while Carl Nelson, currently Head of M&A for NFP, will take on the role of President.
The company said that, due to the anticipated timing of the close, the financial impact on Aon's full-year 2025 results is not expected to be material.
In the pre-market trading, 0.53% lesser at $370 on the New York Stock Exchange.
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