Hub International acquisition complete

By Lisa Kerner

Charlotte, N.C., June 13 - Apax Partners and Morgan Stanley Principal Investments completed the acquisition of Hub International Ltd. for $41.50 per share. As a result, Hub shares will cease trading on and be delisted from the New York Stock Exchange and the Toronto Stock Exchange.

Hub shareholders approved the deal on June 5.

"We are very excited as we embark on this next chapter in the evolution of our company," Hub chairman and chief executive officer Martin Hughes said in a company news release.

On Feb. 26, the Chicago-based insurance brokerage firm originally agreed to be acquired by Apex Partners and Morgan Stanley for $40.00 per share in cash in a transaction valued at $1.8 billion. A break-up fee of 1.25% of the equity value of the transaction, or about $21 million, was included in the agreement.

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