WTW signs agreement to sell Tranzact for $632.4M

WTW has entered into a definitive agreement to sell its Tranzact direct-to-consumer insurance distribution business to GTCR, a private equity firm, and Recognize, a technology services investment platform, for $632.4M, subject to certain adjustments. The sale is expected to close by the end of 2024, subject to regulatory approvals and customary closing conditions. WTW anticipates the transaction will result in non-cash pre-tax losses and related impairment charges estimated to be $1.6B-$2.1B, which will be recorded in Q3 and will be updated until the closing date of the transaction.