Broker strikes deal to offload outsourcing unit
Global broking group Aon has confirmed that it has agreed to sell its benefits administration and HR business process outsourcing business to private equity house Blackstone for a gross sum of $4.8bn.
Aon said it would receive $4.3bn in cash when the deal closes, plus an additional future payment of $500m based on performance.
It added that net cash proceeds after tax from the deal would be $3bn.
The deal is expected to close by the end of the second quarter this year.
Aon acquired the benefits administration and HR business process outsourcing business when it bought HR consulting firm Hewitt Associates in 2010 for $4.9bn.