Apax Partners and Morgan Stanley Principal Investments have agreed to buy Hub International Limited, an insurance broker. Under the terms of the arrangement Hub shareholders will receive $40.00 per share in cash, representing a premium of 28% to the 90-trading day average closing stock price on the NYSE. This transaction values Hub at approximately $1.8 billion, which includes approximately $1.7 billion of fully diluted equity. Merrill Lynch & Co. is acting as financial advisor to Hub while Shearman & Sterling LLP and Blake, Cassels & Graydon LLP are acting as legal advisors. Morgan Stanley and Stephens Inc. are acting as financial advisors to Apax and Ropes & Gray LLP is acting as its legal advisor. Sullivan & Cromwell LLP is acting as legal advisor to Morgan Stanley.

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