Aon plc announced its intention to expand, having signed a definitive agreement to acquire middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, NFP.

Going forward NFP will operate as an independent but connected platform, going to market as “NFP, an Aon company.” The global professional services firm will reportedly purchase the company for $13.4-billion (all figures in USD), funded by $7-billion in cash and $6.4-billion worth of Aon stock.

“The acquisition of NFP expands Aon’s presence in the large and fast-growing middle market segment, with capabilities across risk benefits, wealth and retirement plan advisory,” the company stated in an announcement about the acquisition.

The deal to acquire the brokerage with more than 7,700 “colleagues” is expected to close in mid-2024. “Aon and NFP will continue to operate independently until the closing date.” In Canada there are approximately 1,100 NFP employees, according to that company’s website.

Aon says, once completed, the transaction is expected to break even in 2026, “with positive impacts to free cash flow beginning in 2026.”