Altegrity to acquire Kroll for $1.1 billion

NEW YORK (AP) - Marsh & McLennan is selling its risk consulting subsidiary Kroll Inc. for $1.13 billion to Altegrity.

The companies announced the all-cash transaction before markets opened Monday.

The deal is expected to close by late September, subject to regulatory approval and other conditions.

Kroll is a 3,000-employee subsidiary of Marsh & McLennan Cos., the publicly traded owner of the insurance brokerage Marsh as well as other risk and consulting subsidiaries, including Mercer.

Kroll's buyer, Altegrity Inc., is owned by private equity firm Providence Equity Partners.

Altegrity's CEO, Mike Cherkasky, served as Kroll's president and CEO from 2001 to 2004. Kroll is headquartered in New York, with offices in more than 27 countries.