The private equity investment firm Madison Dearborn will pay $1.3 billion for NFP's stock, representing a 26% premium for NFP's shareholders.
The CEO of massive insurance broker and wealth management outfit NFP will be stepping down in May, according to a filing with the SEC.
Treasurys retreat on manufacturing data
A National Financial Partners Corp. shareholder sued to block the firm's $1.3 billion sale to Madison Dearborn Partners LLC's, a Chicago-based private equity firm.
Wealth management services provider National Financial Partners Corp. said Monday that it would sell itself to private equity firm Madison Dearborn Partners LLC for about $1.01 billion.
Start-up Lion Street in position to poach NFP reps and advisers.
After Madison Dearborn deal, Douglas Hammond takes over.
Firm being sold for less than its IPO price of 10 years ago
"The smart money is coming in," said industry consultant Tim Welsh, president of Larkspur, Calif.-based Nexus Strategy, "and now we'll see how smart the smart money is. Can they wring efficiencies out of this model?"