Aon Just Offloaded $2.7 Billion In Assets—Is A Buyout Next?

Aon plc, a global leader in insurance brokerage and consulting services, is undergoing strategic realignment that has reignited acquisition speculation. On September 3, 2025, the company confirmed it would divest the majority of its NFP wealth businesses—namely Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth—to private equity firm Madison Dearborn Partners for approximately $2.7 billion. The transaction, expected to close in late Q4, will yield around $2.2 billion in after-tax proceeds and remove $127 million in trailing twelve-month EBITDA from Aon’s books. While Aon emphasized that the sale will not materially affect its FY2025 results, the divestiture raises eyebrows for more reasons than just portfolio optimization. Madison Dearborn, which previously sold NFP to Aon in a $13.4 billion transaction less than a year ago, is now back at the table—this time reclaiming a key piece of what it just exited. With macro uncertainty, execution challenges, and valuation pressures looming, the timing of this divestiture may signal more than meets the eye.