Aon has entered into a definitive agreement to sell the majority of NFP’s wealth business, including Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth, and related platforms, to Madison Dearborn Partners, LLC (MDP), a private equity firm based in Chicago.
The transaction is valued at an estimated $2.7 billion, with after-tax cash proceeds for Aon expected to be approximately $2.2 billion at closing.
It is worth noting that Aon first acquired NFP from Madison Dearborn Partners and HPS Investment Partners in April 2024, a move that expanded Aon's presence in the middle-market sector and added more than 7,700 professionals to its workforce.
The acquisition was described by Aon CEO Greg Case (pictured above, left) as “a historic day for our firm,” and NFP has since operated as an “independent and connected” platform within Aon.
Now, Case is saying that returning the assets to MDP aligns with the company’s 3x3 Plan to accelerate its Aon United strategy.
“We are more focused than ever on serving our clients’ risk and people needs with distinction,” Case said. He added that the transaction supports Aon’s commitment to investing in and growing its core risk capital and human capital capabilities.
“Through disciplined portfolio management, we are further strengthening our capital position while enabling greater flexibility for high-return growth investments that drive sustained value creation and shareholder returns,” Case said.
The NFP wealth businesses being sold manage approximately $60 billion in client assets and have advisory mandates on another $500 billion. These operations account for about a fifth of NFP’s overall profits.
Case also emphasized Aon’s ongoing commitment to its core wealth and retirement business, noting the company’s focus on institutional retirement, investment consulting, and delegated management services for employers, fiduciaries, and investment officers.
Vahe Dombalagian (pictured above, right), managing partner and co-head of financial services at MDP, commented, “For more than twenty years, we have successfully generated value for our portfolio companies in the financial services sector and are tremendously excited to welcome these outstanding businesses back to MDP.”
Dombalagian led the transaction with Matt Raino, partner and co-head of financial services at MDP. “Aon and NFP have been great partners and we’re pleased to deepen our relationship through this transaction,” he said.
Upon closing, the acquired businesses will be consolidated under a unified brand and led by Michael LaMena, currently CEO of Wealthspire Advisors, as CEO, and Carl Nelson, currently Head of M&A for NFP, as president.
The transaction is expected to close in late Q4 2025, pending regulatory approvals and customary closing conditions. Aon noted that it does not expect the transaction to have a material impact on its full-year 2025 financial results due to the anticipated timing of the close.
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