Hillhouse Is Said to Near Deal for Marsh’s Risk Adviser and Broker PCS
(Bloomberg) — Hillhouse Investment is nearing a deal to buy Mercer’s Private Client Services, an Asia-led business offering wealth protection and life insurance, according to people familiar with the matter.
The firms are working out an agreement that may get announced as soon as Friday, the people said, asking not to be identified because the information is private. Hillhouse emerged as the likeliest buyer of PCS after outbidding other private equity firms, the people said.
Hillhouse declined to comment. A representative for Mercer’s parent company Marsh didn’t respond to a request for comment outside of business hours.
People familiar with the matter said in February that Marsh, formerly Marsh & McLennan Cos., was working with an adviser on a possible divestment of PCS to streamline its global portfolio of assets, and that a transaction could value the unit at several hundred million dollars.
PCS provides financial risk management and life insurance services to more than 8,000 clients in about 50 markets, with offices in Singapore, Hong Kong, Shanghai, Geneva and Zurich, according to its website.
In another recent deal in the sector, Apollo Global Management Inc. completed a strategic minority equity investment in Charles Monat Associates last month.
(Updates with details on PCS. A previous version corrected full name of unit.)
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