HUB International Limited announced on August 5 that it has agreed to be acquired by funds advised by Hellman & Friedman LLC, one of the world's largest and most respected private equity firms.
Martin Hughes, HUB Chairman and CEO said, "Partnering with Hellman & Friedman will enable us to build upon our current strategy of enhancing our product and service capabilities and expanding our geographic footprint. We are excited that our new partners share our commitment to investing in our people and are dedicated to working with us to deliver even greater value to our clients. By aligning our company with Hellman & Friedman, we are positioning HUB International for continued growth and success within our industry."
The transaction values Hub at approximately $4.4 billion, and is expected to close before the end of the year. Hellman & Friedman will hold a majority interest in the company, with existing members of HUB senior management continuing to have a significant equity position. The HUB Executive Management Team will remain in place and there will be no change in our plans to keep building a great company for the long term.
The deal is the largest takeover of a U.S. insurance broker on record, according to data compiled by Bloomberg. For more information, visit our website.