Aon sells Swett & Crawford (September 23, 2005)

Aon Corporation (NYSE: AOC) recently signed a definitive agreement to sell Swett & Crawford, its U.S.-based wholesale broking operation, to an investor group including Hicks, Muse, Tate & Furst Inc. (HMTF), Banc of America Capital Investors and Emerald Capital.
A number of key Swett & Crawford employees have made a long-term professional commitment to the company, enabling them to also invest in the transaction alongside HMTF enabling the ownership of a significant stake in the new Swett & Crawford.
Financial terms of the transaction were not disclosed but the parties involved expect it will be finalized in 45 to 60 days.
“We look forward to S&C becoming a standalone company and are already planning several organic growth initiatives,” Neal Abernathy, Swett & Crawford’s president and chief operating officer, says. “These include expanding our producer base and underwriting capabilities with the active support of HMTF and our other investors.”
Credit Suisse First Boston and Deutsche Bank acted as financial advisors to HMTF with regard to the transaction, for which they are also arranging the necessary debt financing. Weil, Gotshal & Manges LLP acted as legal counsel to HMTF in connection with the transaction. Merrill Lynch acted as financial advisor to Aon.