Blackstone announced Feb. 10 that it is buying Aon plc’s technology-enabled benefits and HR platform for $4.3 billion at closing with up to $500 million more based on future performance. 

Subject to customary closing conditions, the deal is expected to close by the end of the second quarter of 2017.

Peter Wallace, a Senior Managing Director at Blackstone, stated, “We are excited to acquire a world-class leader of scale in health, retirement, and HR services, providing critical human resources and benefits administration services to millions of employees and their families throughout the United States and Canada. Blackstone sees tremendous opportunity for investing in leading businesses within the technology-enabled services sector, where we believe there is a significant opportunity to accelerate future growth.”

Greg Case, President and CEO of Aon plc said the deal reinforces Aon's position “as the leading, global professional services firm focused on risk, retirement and health. 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."