Hub International Ltd, a Chicago-based insurance brokerage firm, announced Monday that it has agreed to a $1.8 billion takeover by investment funds advised by Apax Partners Worldwide LLP and Morgan Stanley.
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Hub shareholders will receive $40 a share in cash, the company said in a statement. The deal, which includes $145 million of debt, is scheduled to close in the second quarter. Hub said it will consider other proposals for the company until March 19.
In a separate announcement, Hub announced its fourth-quarter profit almost doubled to $11 million, or 27 cents a share, from $5.7 million, or 17 cents a share, a year ago.
