Astorg to Sell Stake in Gras Savoye to Willis Group for €550M
April 24, 2015
Astorg Partners has agreed to sell its stake in French insurance broker Gras Savoye to Willis Group Holdings (NYSE: WSH) in a transaction valued at €550 million, which includes the repayment of outstanding third party debt estimated to be €40 million. Willis, which already holds a 30% stake in Gras Savoye, is a global risk advisory, re/insurance broking and human capital and benefits firm. Astorg has backed the insurance brokerage since 2009 via its Fund IV, a $1.06 billion vehicle that closed in 2007 and had generated an IRR of 11.8% as of September 30.