Broking giant Aon, whose swoop for middle market property & casualty broker NFP is still subject to the receipt of applicable regulatory approvals and customary closing conditions, has cleared an antitrust hurdle in the US.
In a joint statement by Aon and NFP, the brokerages said: “The waiting period has expired under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, as amended, in connection with Aon and NFP’s previously announced acquisition agreement.”
As reported last December, Aon is acquiring NFP for approximately US$13.4 billion. At the time, it was noted that NFP chair and chief executive Doug Hammond will continue to lead the business as an independent but connected platform within Aon.
“Our clients will benefit from Aon’s global resources and distribution, while our people will have more opportunities to accelerate the growth of NFP,” Hammond said when the transaction was announced.
“With aligned values and capabilities across different-sized market segments, we look forward to working with the Aon team to elevate performance and make the transaction successful for everyone involved.”
According to the US Federal Trade Commission, parties to certain large mergers and acquisitions must file premerger notification and wait for government review. Under the HSR Act, the parties may not close their deal until the waiting period has passed or the government has granted its early termination.
Meanwhile, in their statement this week, Aon and NFP also said: “As previously announced, the transaction is expected to close in mid-2024 and, until closing, Aon and NFP will continue to operate independently. Aon will provide updates on key financial metrics, as appropriate, at the time of close.”
NFP is manned by more than 7,700 global employees, while Aon’s over 50,000 colleagues serve clients in 120-plus countries and sovereignties.
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