Insurance broker Hub International Limited said its shareholders yesterday approved a $1.6 billion plan for two private equity firms to purchase the company and take it private.

The Chicago-based broker said shareholders voted to approve the plan that would allow the private equity groups Apax Partners and Morgan Stanley Principal Investments to acquire all of Hub's common shares for $41.50 per share in cash.

The offer was increased in March from the original price of $40 per share. The deal is estimated to be worth more than $1.6 billion.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.