Willis Group To Buy Controlling Stake Of 75% In Max Matthiessen For $205 Mln

(RTTNews) - Willis Group Holdings Plc. (WSH), the global risk adviser, insurance and reinsurance broker, announced Tuesday that it will acquire a controlling stake of approximately 75% in Max Matthiessen, a leading employee benefits adviser in Sweden, for $205 million.

The transaction, which is subject to regulatory approval, complements and strengthens Willis' existing operations in Sweden.

Max Matthiessen is Sweden-based independent adviser in retirement savings, health plans and personal insurance. The Company, with around 420 employees in 23 locations across Sweden, generated in 2013 net revenues of 805 million Swedish Kronor, or approximately $122 million.

Max Matthiessen employees currently own 50% of the Company, while the remaining 50% is held by Altor Fund III.

As per the terms of the agreement, Willis will invest 1.357 billion Swedish Kronor - or $205 million - to acquire approximately 75% of the Company, with employees retaining a stake of approximately 25%.