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Aon completes sale of outsourcing platform

Insurance broker Aon plc announced that it has completed the sale of its employee benefits outsourcing business to private equity firm Blackstone Group. The sale was carried out for cash consideration of USD4.3bn at closing and additional consideration of up to USD500m based on future performance. For Aon, the deal allows it to exit a mature, capital-intensive outsourcing business and focus in growth areas beyond its core insurance brokerage operations, including cyber security and health insurance. It was in 2010 when Aon took on the benefits outsourcing unit as part of its acquisition in 2010 of Hewitt Associations for USD4.9bn.