On December 20, 2023, Aon plc, a leading global professional services firm, announced it signed a definitive agreement to acquire NFP, a prominent middle-market property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor. The transaction, valued at $18.09 billlion (US$13.4 billion), will be financed with $9.45 billion (US$7 billion) in cash and $8.64 billion (US$6.4 billion) in Aon stock.

This acquisition is expected to enhance Aon's presence in the middle-market segment, aligning with its Aon United strategy. Doug Hammond, CEO of NFP, will continue leading the business within Aon, reporting to Eric Andersen, president of Aon.

Aon's CEO Greg Case highlighted that the acquisition would strengthen client relevance, create colleague opportunities, and reinforce shared cultural values. NFP, founded in 1999, will benefit from Aon's global resources and distribution. The deal, expected to close in mid-2024 pending regulatory approval, aims to generate over $3.78 billion in value from synergies and capital structure, despite initial dilutive effects on adjusted EPS in 2025.

Advisors for the deal included UBS Investment Bank, Citi, Cravath, Swaine & Moore LLP, and McDermott Will & Emery LLP for Aon. NFP was advised by Evercore, BofA Securities, Deutsche Bank Securities, Jefferies, TD Securities, Skadden, Arps, Slate, Meagher & Flom LLP, Ropes & Gray LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP.