The shareholders of North American insurance broker Hub International have approved the acquisition of the company by funds advised by Apax Partners together with Morgan Stanley Principal
The shareholders of North American insurance broker Hub International have approved the acquisition of the company by funds advised by Apax Partners together with Morgan Stanley Principal Investments at a cash price of USD41.50 per share.
The plan of arrangement was approved by 92.7 per cent of the votes cast by all shareholders at the meeting and by 91.9 per cent of the votes cast by disinterested shareholders, which excludes members of management who have committed to making an investment in an affiliate of the entity that is acquiring Hub. Subject to judicial approval in Canada, the transaction is expected to close on or around June 13.
Based in Chicago, Hub International is a leading North American insurance brokerage that provides a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services through offices in the US and Canada.
