A Newport Beach-based commercial insurance brokerage is being sold to Blackstone Group for $1.1 billion in cash and stock, the companies announced Sunday. The deal is the latest in the voracious private equity firm's series of big acquisitions.
Alliant Insurance Services, which is now owned by private equity firm Lindsay Goldberg & Bessemer of New York, will maintain its current management, employees and headquarters, spokesman Mike Simmons said.
Alliant boasts more than 20,000 commercial insurance clients nationwide. "It is business as usual," he said.
However, the purchase by Blackstone -- a New York-based behemoth with about $191 billion in assets -- will provide Alliant with additional resources to grow, the companies said. The deal is expected to be completed within 75 days.
"This is an exceptional opportunity for our company, our clients and our employees," said Tom Corbett, chief executive of Alliant. "Blackstone's financial resources and commitment to work strategically with management teams will enable our firm to continue to expand."