India, Sept. 3 -- 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 traili...