Hub International to be purchased for $1.8 billion

Morgan Stanley and Apax Partners Worldwide agreed to purchase Chicago-based Hub International Ltd. for $1.8 billion in the second buyout of a U.S. insurance brokerage in six weeks.

Hub said shareholders would receive $40 a share in cash, 16% more than the closing price on Feb. 23. The transaction, which includes $145 million of debt, comes after Goldman Sachs Group Inc.’s buyout unit said Jan. 16 it agreed to acquire USI Holdings Corp., the ninth-largest broker, for about $1.4 billion including debt.