Clayton, Dubilier & Rice is in advanced talks to buy the employee benefits outsourcing unit of Aon (NYSE: AON) for around $4.5 billion, according to Reuters, after the firm apparently emerged victorious over Blackstone in an auction. Based in London, Aon is a provider of workforce and financial services that will reportedly re-focus its efforts on insurance and risk management in the wake of the sale.
One maestro behind the transaction, per Reuters, is CD&R operating partner Russell Fradin, who has worked at the firm for about a year. Fradin is uniquely familiar with the target: From 2006 to 2011, he worked as the CEO at Aon Hewitt, a division of Aon focused on business process outsourcing and consulting services.
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If a deal is ultimately reached, it will continue a recent string of massive deals connected to the insurance sector.
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