National Financial Partners Corp. has been acquired by Madison Dearborn Partners LLC, a private equity investment firm, in a $1.3 billion transaction.
NFP is a provider of benefits, insurance and wealth management services, based in New York.
Madison Dearborn Partners LLC, is a private equity investment firm. It is based in Chicago.
Under the terms of the deal, NFP shareholders will receive $25.35 in cash for each share of NFP common stock they own.
The deal includes the full value of the company's convertible debt.
The purchase price represents a premium of approximately 26% over NFP's closing share price of $20.05 on March 12, 2013, the last day of trading prior to press reports that NFP was considering a possible sale of the company.