Private equity firm Blackstone has agreed to buy the employee benefits outsourcing business of insurer Aon in a deal worth as much as $4.8bn. The deal, which is expected to close by year-end, will see Blackstone’s private equity arm, Apollo Global Management, take over the company and its more than 10,000 employees. The sale means Blackstone takes on the benefits packages of 15% of American workers and Aon has room to develop in growth areas such as cyber security and health coverage.
Private equity firm Blackstone has agreed to buy the employee benefits outsourcing business of insurer Aon in a deal worth as much as $4.8bn. London-based Aon wants to divest itself of the business to boost capital in order to buy back shares. The sale means Blackstone takes on the benefits packages of 15% of American workers and Aon has room to develop in growth areas such as cyber security and health coverage.