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Old 02-13-2017, 09:58 AM
Beach Bum Beach Bum is offline
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Default Blackstone to Buy Part of AON Hewitt

Not sure if this was already posted. Any opinions or feedback from those in the center of this?

What does it do for the actuaries involved, I guess you can now say you work for Blackstone!?

Many articles on this but here's an excerpt from a recent NY Times article:

Quote:
LONDON — The Blackstone Group said on Friday that funds affiliated with the private equity giant had agreed to pay up to $4.8 billion to acquire Aon’s human resources outsourcing business.

The business is the largest benefits administration platform in the United States and a provider for cloud-based human resources management systems, Blackstone said. It serves about 15 percent of the United States’ working population at more than 1,400 companies.

Aon, an insurance broker and risk manager that moved its headquarters to London from Chicago in 2012, would receive $4.3 billion in cash, plus up to another $500 million based on future performance, under the deal’s terms.

“We are excited to acquire a world-class leader of scale in health, retirement and HR services,” Peter Wallace, a Blackstone senior managing director, said in a news release. “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.”

Aon acquired the business in 2010 as part of its $4.9 billion takeover of Hewitt Associates.

“This transaction sharpens our focus on growing our core professional services capabilities and accelerates our ability to invest in emerging client needs, while ensuring that clients continue to receive the level of service and performance they have come to expect,” said Gregory C. Case, the Aon president and chief executive.

Citigroup, Credit Suisse, SMB Capital and the law firm Kirkland & Ellis advised Blackstone, while Morgan Stanley and the law firm Sidley Austin advised Aon.

The transaction is subject to regulatory review and is expected to close in the second quarter.

Correction: February 10, 2017
An earlier version of this article misstated the cost of Aon’s takeover of Hewitt Associates in 2010. It was $4.9 billion, not $4.3 billion.
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Old 02-13-2017, 10:11 AM
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It's a shitty company, so not surprised they had to dump it to an investor.
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Old 02-13-2017, 10:53 AM
Westley Westley is offline
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Not sure what that means. Which non-investor would possible buy it if it wasn't "a shitty company"?

Also, not sure there's a better area for this, but not really sure why it's posted in Employment either. Not asking it to be moved, just not sure if there's a specific question or discussion point here?
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Old 02-13-2017, 11:07 AM
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Oh wow.
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Old 02-13-2017, 11:18 AM
Beach Bum Beach Bum is offline
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Well my question pertained to employment. We don't have a "Retirement/Benefits" section. So this was by far the best spot for it.

As for merit of discussion point/question, I did ask a few questions to stir discussion. I'm curious what it means for those that work there. For the industry.
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Old 02-13-2017, 02:46 PM
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Originally Posted by Beach Bum View Post
As for merit of discussion point/question, I did ask a few questions to stir discussion. I'm curious what it means for those that work there. For the industry.
I guess you could say you work for Blackstone. It's kind of like saying you work at Berkshire Hathaway when you work at Dairy Queen.
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Old 02-13-2017, 02:53 PM
hjacjswo hjacjswo is offline
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I wonder if they are gonna retain the business or try to sell it off to Mercer or other benefit consulting firms. The latter scenario will probably result in an unfavorable situation for the actuaries there.
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Old 02-13-2017, 02:55 PM
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I wonder if they are gonna retain the business or try to sell it off to Mercer or other benefit consulting firms. The latter scenario will probably result in an unfavorable situation for the actuaries there.
At what point is there only one consulting firm left? 2020?
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Old 02-13-2017, 03:03 PM
hjacjswo hjacjswo is offline
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At what point is there only one consulting firm left? 2020?
2020, there will be willis towers watson hewitt
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Old 02-13-2017, 03:08 PM
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Originally Posted by snikelfritz View Post
At what point is there only one consulting firm left? 2020?
There are some niches where there's really only 1 or 2 legit players already. In general tho, I think there's still quite a few firms, including small ones being started and small firms from 10 years ago that are merging or growing into mid-size or large players. Only one firm seems a long ways off IMO.
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