Sources have indicated private equity firm Blackstone Group, which has offices in London and Dublin, is in advanced discussions to purchase Michigan based insurance broker Acrisure LLC in a deal that could be worth over £1.3 billion (USD $2 billion).
Reuters has reported people familiar with the matter as saying Blackstone is currently in negotiations with Acrisure’s owner, buyout firm Genstar Capital LLC, after it was successful in a bid for the company.
However, there is still a chance the deal could fall through as Genstar may still resume negotiations with other bidders, sources added. Genstar purchased Acrisure for an undisclosed sum in 2013.
The news follows reports in January that Acrisure had been working with investment bank Evercore Partners Inc on a sale.
Acrisure provides insurance for a variety of sectors including energy and real estate. It operates in over 23 US states, and according to Moody’s investors Service generated USD$231 million for the 12 months through to September 2015.
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