Hub International agrees to acquisitionPosted On: Feb. 26, 2007 12:00 AM CST
CHICAGO--Hub International Ltd. has entered into an agreement to be acquired by funds advised by international private equity group Apax Partners together with Morgan Stanley Principal Investments, the Chicago-based brokerage announced Monday.
According to a statement released by Hub, the transaction values the insurance brokerage at about $1.8 billion. The agreement allows Hub to solicit alternative transactions until March 19.
"We are excited that our new partners believe in our commitment to investing in our people and are dedicated to working with us to deliver the most value for our clients and colleagues," said Martin Hughes, Hub's chairman and chief executive officer, in a statement announcing the agreement.
"We believe Hub's high-quality team and franchise is a perfect match for Apax's commitment to the financial and business services sector," said Mitch Truwit, a partner and head of Apax's Financial & Business Services Group in the United States, in the same statement. "From the outset, this transaction has been grounded in the opportunity to invest and partner with one of the best management teams in the industry."