Marsh & McLennan Inc. (MMC) said Monday it sold its Kroll risk-consulting unit to Altegrity Inc., an analysis and security services firm, for $1.3 billion in cash.
Under the terms of the deal, Altegrity, which is owned by Providence Equity Partners, will receive debt financing from Goldman Sachs (GS) and the Apollo Investment Corporation (AINV). The transaction is expected to close by late September after regulatory approval.
“Altegrity and Kroll will leverage their combined resources to develop new and innovative solutions for government and commercial clients across a global platform,” said Altegrity Chief Executive Mike Cherkasky, in a statement.
Marsh & McLennan was advised by Perella Weinberg Partners and Wachtell, Lipton, Rosen & Katz. Debevoise & Plimpton LLP served as legal counsel to Altegrity.
MMC gained $0.20 (+0.95%) to $21.17 at 9:54AM EDT in New York Stock Exchange trading.