New York, May 1, 2017 – Blackstone (NYSE: BX) today announced that private equity funds affiliated with Blackstone have completed the acquisition of Aon plc’s (NYSE: AON) technology-enabled benefits and human resources platform for a cash consideration of up to $4.8 billion, including $4.3 billion at closing and an additional consideration of up to $500 million based on future performance.
The business is a leader in benefits administration and cloud-based HR services serving 19 million workers (approximately 15 percent of the U.S. working population) and their families across 1,400 clients. Its Operating System offers the tools, capabilities and culture to serve clients of any size and complexity with consistency and quality.
“Over the past 25 years we have built the leading health, retirement and HR services provider in the industry and I am excited and proud to take the business to the next level in partnership with Blackstone,” said Chris Michalak, CEO of the new company. “We look forward to delivering even greater value to our clients by growing our capabilities in the cloud space, expanding consumer access to individual products and enhancing our participant advocacy and advisory solutions.”
“The rich expertise and high-quality client roster of this organization make it well-positioned for ongoing success,” said Peter Wallace, Senior Managing Director at Blackstone. “We are excited to help build on the stable, core services offered today to drive innovation to better serve clients.”
David Kestnbaum, a Managing Director at Blackstone, said, “We are excited to complete this transaction and move forward with supporting the business’ growth as a forward-thinking, best-in-class service and technology platform that will continue to be a value-added partner to an iconic portfolio of blue chip clients.”
The company will remain headquartered in Lincolnshire, Ill., and will operate under the Aon Hewitt name until the new standalone company name is announced after a brief transition period.
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