Howden, the British insurance broker, is closing in on a $10bn (£7.7bn) takeover of a US-based rival that will pave the way for an eventual stock market flotation that could value it at in excess of $30bn (£23.2bn).
Sky News has learnt that Howden is targeting a binding agreement to acquire Risk Strategies, which is backed by investment firm Kelso, by the end of this month.
The estimated $10bn purchase price would be financed in part by a share sale that could be worth in the region of $4bn (£3.1bn), according to banking sources.
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Mubadala, the Abu Dhabi-based sovereign investment fund, and Hg Capital, an existing Howden shareholder, would inject roughly $2bn (£1.5bn) each of equity into the London-based business, the bankers added.
If completed, the deal would be a landmark one for Howden and its eponymous founder, David Howden, who has made no secret of his interest in a major deal to facilitate its entry into the US retail insurance market.
The new equity would be invested in Howden at a valuation of approximately $20bn, bankers said, implying an aggregate valuation for the combined group of about $30bn.
A major US acquisition would clear a path to a US stock market listing in between one and three years’ time, with 2027 the most likely date, according to insurance industry executives.
Barclays and Morgan Stanley are understood to be advising Howden on the talks, while Evercore is said to be acting for Kelso and Risk Strategies.
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One source said the timetable for announcing the Risk Strategies deal was not yet finalised and could slip into next month.
A Howden spokesman declined to comment.
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