CHICAGO, June 13 /CNW/ - Hub International Limited (NYSE: HBG)(TSX: HBG)
(the "Company") announced today the completion of the plan of arrangement
pursuant to which funds advised by Apax Partners ("Apax") together with Morgan
Stanley Principal Investments ("MSPI") acquired all of Hub's common shares for
$41.50 per share.
Martin Hughes, Hub's Chairman and Chief Executive Officer, commented, "We
are very excited as we embark on this next chapter in the evolution of our
company. In Apax Partners and Morgan Stanley Principal Investments, we have
outstanding new partners, and we look forward to working together to take Hub
to greater heights."
Mitch Truwit Partner, Apax Partners, said, "We look forward to working
with Marty Hughes and the rest of the management team to grow the business
both organically and by supporting Hub's long established acquisition
Michael Petrick, Managing Director at Morgan Stanley and global head of
MSPI, said, "We are excited to close the Hub transaction and continue our
partnership with management and Apax. We look forward to supporting the
continued growth of the Company through our investment."
As a result of the acquisition, Hub's common shares will cease trading on
the New York Stock Exchange and the Toronto Stock Exchange prior to market
open tomorrow, and will be delisted from both exchanges.
Headquartered in Chicago, IL, Hub International Limited is a leading
North American insurance brokerage that provides a broad array of property and
casualty, reinsurance, life and health, employee benefits, investment and risk
management products and services through offices located in the United States
About Apax Partners
Apax Partners (www.apax.com) is one of the world's leading private equity
investment groups. It operates across the United States, Europe and Asia and
has more than 30 years of investing experience. Funds under the advice of Apax
Partners total in excess of $20 billion around the world. These Funds provide
long-term equity financing to build and strengthen world-class companies. Apax
Partners Funds invest in companies across its global sectors of Tech &
Telecom, Retail & Consumer, Media, Healthcare and Financial & Business
Services. Recent Apax Partners' Funds investments include Tommy Hilfiger,
Central European Media Enterprises, PVH/Calvin Klein, TIM HELLAS, Inmarsat,
Molnlycke Healthcare, Kabel Deutschland, Intelsat, New Look and World
About Morgan Stanley Principal Investments:
Morgan Stanley Principal Investments is a Morgan Stanley capital
investment vehicle. Morgan Stanley (NYSE: MS) is a leading global financial
services firm providing a wide range of investment banking, securities,
investment management, wealth management and credit services. The Firm's
employees serve clients worldwide including corporations, governments,
institutions and individuals from more than 600 offices in 31 countries. For
further information about Morgan Stanley, please visit www.morganstanley.com.
For further information:
For further information: Hub International Limited Media Contact: W.
Kirk James Vice President, Secretary and Chief Corporate Development Officer
Phone: 312.279.4881 firstname.lastname@example.org or Apax Partners: Peter
Jeton Phone: 212.419.2461 Chief Operating Officer, Apax Partners L.P. or
Morgan Stanley: Mark Lake Phone: 212.761.0814 Executive Director, Corporate