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.
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