Blackstone Acquires British Insurance broker

One of the world’s leading investment firms, Blackstone had announced acquisition of British Insurance broker, Aon’s technology-enabled benefits and human resources platform in a $4.8 billion deal. The business is the largest benefits administration platform in the United States, and a leading services provider for cloud-based HR management systems. It serves approximately 15 percent of the U.S. working population across more than 1,400 companies. Aon and the new, stand-alone company will continue to work together on behalf of shared clients and prospects.

Peter Wallace, a Senior Managing Director at Blackstone, said, “We are excited to acquire a world-class leader of scale in health, retirement, and HR services, providing critical human resources and benefits administration services to millions of employees and their families throughout the United States and Canada. Blackstone sees tremendous opportunity for investing in leading businesses within the technology-enabled services sector, where we believe there is a significant opportunity to accelerate future growth. We look forward to working with the excellent management team to continue to invest in and grow the company.”

David Kestnbaum, a Managing Director at Blackstone, said, “Through this investment and partnership, we will seek to leverage our global relationships, operational support, and strong capital base to accelerate growth in the business. We are pleased to invest in this market leading business that provides an important suite of services to a broad range of blue-chip clients. Our focus will be on ensuring continued delivery of best-in-class services to clients, while also innovating new service lines and strategies to expand the company’s capabilities.”

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