Multinational private equity firm Blackstone Group is reportedly the frontrunner to acquire Acrisure, one of the top 15 insurance brokerages in the US.
Citing insider sources, Reuters
reported that Blackstone has prevailed in the auction for the Michigan-based broker, which is owned by Genstar Capital.
The report claimed that Blackstone is in “advanced discussions” with Genstar, but it is unsure if the two firms will reach an agreement.
A deal between the companies could value Acrisure at more than $2 billion, including debt, the report added.
While it continues to negotiate with Blackstone, Genstar may also resume its talks with another private equity firm that bid for Acrisure, the unnamed sources told Reuters
Operating in 23 states, Acrisure offers insurance coverage in a range of sectors that include retail, energy and real estate.
According to Moody’s Investors Service, Acrisure generated a $231 million revenue for the 12 months through September 2015.
The insurance brokerage was acquired in 2013 by Genstar, which invests in financial services, healthcare, software and life science industries, according to Reuters
In January, the agency reported that Acrisure hired investment bank Evercore Partners to run an auction for the company.