- The agreement includes Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth and related platforms
- Transaction reinforces Aon's focus on core Risk Capital and Human Capital capabilities and presence in the middle market
- Madison Dearborn Partners to support further growth of businesses to meet evolving client needs
- Purchase price estimated to be $2.7 billion at time of close, which is expected in Q4 2025
DUBLIN and CHICAGO, Sept. 3, 2025 -- Aon plc (NYSE: AON), a leading global professional services firm, today announced that it has signed a definitive agreement to sell a significant majority of NFP's wealth business – Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth and related platforms – to Madison Dearborn Partners, LLC ("MDP"), a leading private equity investment firm based in Chicago.
"With our 3x3 Plan to accelerate our Aon United strategy, we are more focused than ever on serving our clients' risk and people needs with distinction," said Greg Case, CEO of Aon. "This transaction reinforces our ongoing commitment to investing in and growing our core Risk Capital and Human Capital capabilities. Through disciplined portfolio management, we are further strengthening our capital position while enabling greater flexibility for high-return growth investments that drive sustained value creation and shareholder returns."
Case added: "We remain highly committed to our core wealth and retirement business helping employers, fiduciaries and investment officers through our leading institutional retirement, investment consulting and delegated management capabilities and expertise."
"For more than twenty years, we have successfully generated value for our portfolio companies in the financial services sector and are tremendously excited to welcome these outstanding businesses back to MDP," said Vahe Dombalagian, Managing Partner and Co-Head of Financial Services at MDP, who led the transaction alongside Matt Raino, Partner and Co-Head of Financial Services at MDP. "Aon and NFP have been great partners and we're pleased to deepen our relationship through this transaction."
Following the close of the transaction, the MDP-acquired businesses will be consolidated and operate under a unified brand name. The company will be led by Michael LaMena (currently CEO of Wealthspire Advisors) as CEO and Carl Nelson (currently Head of M&A for NFP) as President.
"With MDP's support, these companies will continue to thrive, working together to grow organically and through acquisitions, enhance the value they deliver to clients and create new opportunities for employee development," said Doug Hammond, CEO of NFP. "We look forward to continuing to accelerate growth in our middle market-focused businesses by helping clients overcome challenges and meet their goals."
Under the terms of the transaction, MDP will acquire the businesses for a total consideration estimated to be $2.7 billion at the time of close, resulting in total after-tax cash proceeds of approximately $2.2 billion. The businesses represent approximately $127 million in EBITDA for the trailing twelve-month period ending June 30, 2025. The transaction is expected to close in late Q4 2025, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals. Given the expected timing of the close, the financial impact to Aon's full-year 2025 results is not expected to be material.
Advisors
UBS Investment Bank served as lead financial advisor and Moelis & Company LLC served as financial advisor to Aon on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP and Dentons acted as external legal counsel to Aon. Goldman Sachs & Co LLC acted as the financial advisor to MDP on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Kirkland & Ellis, LLP provided legal counsel to MDP.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
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About NFP
NFP, an Aon company, is an organization of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. With colleagues across the U.S., Puerto Rico, Canada, UK and Ireland, we serve a diversity of clients, industries and communities. Our global capabilities, specialized expertise and customized solutions span property and casualty insurance, benefits, wealth management and retirement plan advisory. Together, we put people first, prioritize partnerships and continuously advance a culture we're proud of.
About Madison Dearborn Partners
Madison Dearborn Partners, LLC ("MDP") is a leading private equity investment firm based in Chicago. Since MDP's formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. MDP invests across four dedicated industry verticals, including financial services, healthcare, basic industries, and technology & government. Drawing on deep industry and operational expertise, MDP works closely with management teams to drive value creation and operational improvement across its portfolio. For more information, please visit www.mdcp.com
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