Aon to sell majority of NFP’s wealth business for $2.7 billion

DUBLIN/CHICAGO - Aon plc (NYSE:AON), a global professional services firm with an $80.2 billion market capitalization and strong financial health according to InvestingPro metrics, announced Wednesday it has signed a definitive agreement to sell most of NFP’s wealth business to Madison Dearborn Partners (MDP) for an estimated $2.7 billion, with the transaction expected to close in late Q4 2025.

The deal includes Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth and related platforms. After taxes, Aon expects to receive approximately $2.2 billion in cash proceeds from the sale.

"With our 3x3 Plan to accelerate our Aon United strategy, we are more focused than ever on serving our clients’ risk and people needs with distinction," said Greg Case, CEO of Aon, in the press release statement.

The businesses being sold represent approximately $127 million in EBITDA for the trailing twelve-month period ending June 30, 2025. Given the expected timing of the close, Aon stated the financial impact to its full-year 2025 results is not expected to be material.

Following the transaction, the acquired businesses will operate under a unified brand name, with Michael LaMena (currently CEO of Wealthspire Advisors) serving as CEO and Carl Nelson (currently Head of M&A for NFP) as President.

Vahe Dombalagian, Managing Partner and Co-Head of Financial Services at MDP, said, "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."

UBS Investment Bank served as lead financial advisor to Aon, while Goldman Sachs & Co LLC advised MDP on the transaction.

The deal remains subject to customary closing conditions, including regulatory approvals.

In other recent news, Aon is reportedly nearing the sale of its NFP wealth business to Madison Dearborn for approximately $3 billion, just a year after acquiring it from a U.S. private equity group. Meanwhile, LevelBlue has completed its acquisition of Trustwave, becoming the largest managed security service provider globally. This acquisition enhances LevelBlue’s capabilities by integrating Trustwave’s managed detection and response services. Aon has also made a strategic investment in eMed Population Health, aiming to expand GLP-1 weight management solutions for employer-sponsored programs. This follows the successful implementation of eMed’s program within Aon’s U.S. workforce, which reported significant weight loss among participants. Additionally, Aon is facing a lawsuit over alleged fraud in its credit insurance marketing, filed by a trust representing creditors of the bankrupt AI company Vesttoo. In analyst updates, Jefferies has upgraded Aon’s stock rating to Buy, citing potential for margin expansion due to organic growth and cost efficiencies.

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