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Terms of the sale include $120 million cash plus a potential earn out of up to $34.7 million payable over the two-year period following the close of the transaction. The sale includes business transacted under the Auto Insurance Specialists, PoliSeek and Aon Recreation Insurance brands.
Aon said that the sale is consistent with its plan to shape the firm around risk management and commercial lines insurance brokerage, reinsurance brokerage, and human capital consulting.
The transaction is scheduled to close in the first quarter of 2009. AIS Management Group was placed into discontinued operations for the third quarter.
Chicago-based Aon is a provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting. Aon operates through more than 500 offices in more than 120 countries.
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Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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