Transportation Industry
Hub International Agrees to $1.8 Bln. Buyout Deal
Transport Topics, March, 2007 by Anonymous
Bloomberg News
Hub International Ltd., a Chicago-based insurance brokerage, recently agreed to a $1.8 billion takeover by Apax Partners Worldwide LLP and Morgan Stanley.
Hub said in a Feb. 23 statement that shareholders will receive $40 a share in cash, 16% more than the closing price on that day. The transaction includes 8145 million of debt.
Prices for insurance policies have fallen as insurers compete for customers, squeezing commissions that brokerages earn from premiums. Private-equity firms are interested in brokerages because they expect prices to rebound as early as next year, said John We pier, president of Marsh, Berry & Co., a consultant to brokerages, including Hub.
"Insurance brokerages are arguably the No. 1 investment opportunity right now...
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