News : Aon Signs Definitive Agreement to Sell Benefits Administration and HR Business Process Outsourcing (BPO) Platform
London, UK, Feb. 10, 2017 -- Aon plc (NYSE: AON) announced that it has signed a definitive agreement to sell its benefits administration and HR BPO platform to Blackstone. The transaction is subject to customary closing conditions, including receipt of specified antitrust clearances, and is expected to close by the end of the second quarter of 2017.
"This transaction reinforces Aon's position as the leading, global professional services firm focused on risk, retirement and health," said Greg Case, president and chief executive officer, Aon plc. "The sale of our outsourcing platform creates incremental capital to strengthen growth in core operations, and accelerates the pursuit of inorganic growth opportunities that address emerging client needs, similar to recent acquisitions in cyber risk advisory and health brokerage solutions."
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With effective deployment of free cash flow from operations and transaction proceeds, savings from operating model improvements, and a lower effective tax rate, Aon expects the transaction to improve its return on invested capital and be accretive to adjusted EPS in 2018.
Case added, "We believe that this world-class platform will thrive under Blackstone's ownership, providing clients the level of service and performance they have come to expect and allowing us to further reshape our portfolio to focus on stronger growth and higher return on invested capital opportunities consistent with our strategy."
Posted by Veronica Silva Cusi, news correspondent
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Aon plc is a British multinational corporation headquartered in London, England, that provides risk management, insurance and reinsurance brokerage, human resource solutions and outsourcing services. Aon has approximately 500 offices worldwide, serving 120 countries with 65,000 employees.
Published: Friday, February 17, 2017
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