NEW YORK (AP) — Wealth management services provider National Financial Partners Corp. said Monday that it will sell itself to private equity firm Madison Dearborn Partners for about $1.01 billion.

Under the terms of the deal, National Financial Partners shareholders will receive $25.35 in cash for each of their shares. The price represents an 8 percent premium over the company's Friday closing stock price. In morning trading, NFP shares rose 6.9 percent to $25.02 on the news.

The New York firm is led by Jessica Bibliowicz, the daughter of former Citigroup CEO Sandy Weill.

NFP said last month that its board formed a committee to consider a possible sale after receiving indications of interest from private equity firms. The committee negotiated the deal with Madison Dearborn and it was later unanimously approved by the company's board.

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