Marsh & McLennan Companies Inc. (MMC) announced it has reached an agreement to acquire HSBC Insurance Brokers Ltd., or HIBL, a wholly owned subsidiary of HSBC Bank (HBC,HSBA.L).
Under the terms of the agreement, Marsh will acquire HIBL in consideration of GBP 135 million, comprising a mixture of Marsh & McLennan Companies, Inc. stock and cash. The transaction, which is subject to all relevant regulatory approvals, is expected to close in the first quarter of 2010.
Concurrent with this transaction, Marsh has entered into a Preferred Strategic Partnership, or PSP, with HSBC. Under the terms of the PSP, Marsh will have preferred access to provide insurance broking and risk management services to HSBC's corporate and private clients.
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