Aon (NYSE:AON) agreed to acquire NFP, a prominent player in property and casualty brokerage, benefits consultancy, wealth management, and retirement plan advising, mainly focused on the middle market.

The deal, estimated to be worth around $13.4 billion upon completion, will be comprised of $7 billion in cash and $6.4 billion in Aon stock. NFP is currently under the ownership of funds associated with Madison Dearborn Partners and HPS Investment Partners.

Greg Case, CEO of Aon, remarked on the acquisition, emphasizing Aon’s continuous evolution to meet the increasing needs of clients in a volatile market. He expressed that the acquisition is set to enhance Aon’s relevance to clients, create new opportunities for employees, and align with the company’s core cultural values.

This acquisition is strategically aimed at strengthening Aon’s position in the growing middle-market sector. It intends to offer a broad array of services, encompassing risk management, benefits, wealth management, and retirement plan advisory, thereby expanding Aon’s service portfolio and market reach.

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