Aon sells employee benefits outsourcing unit to Blackstone

Insurance broker Aon Plc has reportedly agreed to sell its employee benefits outsourcing business to private equity firm Blackstone Group for around USD4.8bn. People familiar with the matter said Blackstone outbid buyout firm Clayton Dubilier & Rice LLC for the benefits administration and human resources business process outsourcing platform of Aon. The said business processes work benefits for 15% of the US population. 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 Associates for USD4.9bn.