US insurance broker giant Marsh & McLennan Cos Inc. is nearing agreement to acquire Australian peer Honan Insurance Group Pty, according to people familiar with the matter.
Marsh and TA Associates, Honan’s private equity owner, are finalizing details of a transaction that could value Honan at about A$700 million , the people said, asking not to be identified because the matter is private. A deal could be announced as soon as Monday, they said.
TA Associates has been working with a financial adviser as it weighed a sale of the business amid interest from prospective buyers, Bloomberg News reported in June. Marsh, based in New York and established in 1871, has businesses in 130 countries, making it one of the world’s largest insurance brokers, according to its website. An acquisition of Honan would boost the company’s presence in Australia, where it started operations in 1965. It now has branches in about 29 locations across the country with almost 2,000 employees.
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