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Under the terms of the agreement, NFP shareholders will receive
As previously disclosed, as a result of interest it had received from private equity firms, NFP's Board of Directors formed a special committee of independent directors to explore a possible sale of the Company. After a thorough and rigorous process, and with the assistance of its legal and financial advisors, the special committee negotiated and recommended this transaction with Madison Dearborn to the full Board. The transaction was unanimously approved by the Board.
"This compelling transaction provides shareholders with substantial value, and is a successful outcome of the thorough process undertaken by our Board," said
"Madison Dearborn's interest in NFP is a clear endorsement of the quality and success of our business, the value of our client-centric culture, and the hard work and dedication of our people. We are confident that partnering with this world-class investor will help us continue to execute on our long-term One NFP strategy and grow the business," said
"We are pleased to have this opportunity to invest in NFP and help the Company advance its strategy," said
Madison Dearborn has obtained debt financing commitments from
The transaction, which is subject to the approval of holders of a majority of the outstanding shares of NFP common stock and other customary closing conditions, is expected to close in the third quarter.
BofA Merrill Lynch served as financial advisor to the Board and the special committee, while