Sale of Hub International to private equity firm completed
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San Francisco-based private equity firm Hellman & Friedman L.L.C. has completed its $4.4 billion acquisition of insurance brokerage Hub International Ltd., Hub said.
Hub also said it has completed funding a $2.1 billion senior secured credit facility and a private offering of $950 million of senior unsecured notes in connection with the transaction, according to a statement issued Wednesday.
The deal gives Hellman & Friedman investment funds a majority interest in Hub while the Hub's senior management would continue to have a “significant” equity position, Hub had said when the deal was announced at the end of July.
Hub is the11th-largest insurance broker of U.S. business, according to Business Insurance's latest ranking.
