EQT to buy majority stake in McGill & Partners in $2bn deal, closing H1 2027
Swedish private‑equity firm EQT has agreed to acquire a majority stake in London‑based insurance broker McGill & Partners for roughly $2 billion. The transaction, which will see Warburg Pincus exit its holding, is subject to regulatory clearance and is slated to close in the first half of 2027.
EQT has agreed to acquire a majority stake in McGill & Partners in a $2 billion transaction, with completion expected in the first half of 2027 pending regulatory approval.
Deal structure and parties
The Stockholm‑listed private‑equity firm EQT Partners will purchase the majority interest currently held by US‑based Warburg Pincus. Warburg Pincus, which backed McGill & Partners’ launch in 2019, will exit the investment as part of the deal. The transaction values the broker at approximately $2 billion, according to Private Equity Wire’s report dated 7 September 2026, which cites a Wall Street Journal source.
McGill & Partners’ founder and chief executive, Steve McGill – a former group president at Aon – will remain at the helm and retain a significant ownership position after the sale. The deal remains subject to the usual regulatory clearances before it can be finalised.
Company backgrounds
EQT, headquartered in Stockholm, Sweden, is listed on the NYSE under the ticker “EQT”. Its most recent Form 10‑Q filed on 22 July 2026 shows revenue of $5.19 billion for the six‑month period ended 30 June 2026, net income of $1.70 billion, total assets of $41.32 billion and shareholders’ equity of $25.26 billion. The filing does not disclose the firm’s chief executive or employee headcount, and the packet notes that these details should be confirmed from the company’s own site before publication.
Warburg Pincus is a US‑based private‑equity firm headquartered in New York City. Its chief executive is Charles R. Kaye, and the firm employs 775 staff, according to Wikidata. The firm’s involvement with McGill & Partners began with the 2019 launch and has now culminated in the sale of its stake to EQT.
McGill & Partners is a specialist insurance broker based in London. It focuses on complex and specialist insurance risks and has expanded to operate across seven countries since its formation.
Financial context
The $2 billion valuation of McGill & Partners represents a sizeable addition to EQT’s balance sheet, though it is modest relative to EQT’s $41.32 billion asset base. To illustrate the scale, the table below summarises EQT’s key financial metrics alongside the transaction value.
| Metric | Value | Unit | Period |
|---|---|---|---|
| Revenue (six‑month) | 5,188,676,000 | USD | Jan 1 2026 – Jun 30 2026 |
| Net income (six‑month) | 1,698,654,000 | USD | Jan 1 2026 – Jun 30 2026 |
| Transaction value for McGill & Partners | 2,000,000,000 | USD | — |
All figures are presented in United States dollars as supplied by the source documents; no conversion has been applied.
Timeline and next steps
The acquisition was first reported by Private Equity Wire on 7 September 2026. The report confirms that the deal is contingent on regulatory approvals and that closing is expected during the first half of 2027. No further milestones have been disclosed, and the exact regulatory bodies involved have not been identified in the source material.
Once approved, EQT will integrate McGill & Partners into its portfolio of financial‑services assets. The continued leadership of Steve McGill suggests operational continuity for the broker’s existing client base, which spans seven European countries.
Uncertainties and missing information
- The identity of EQT’s chief executive and its employee count are not provided in the packet; the filing notes these details should be verified from the company’s own disclosures.
- The specific regulatory approvals required – whether from UK, EU or Swedish authorities – are not enumerated.
- No price per share or exact equity percentage of the stake being purchased is disclosed.
These gaps are noted in the source packet and remain unanswered at the time of writing.
Implications for the market
The transaction underscores continued private‑equity interest in specialist insurance brokerage, a niche that has seen steady growth across Europe. By acquiring a majority position, EQT gains exposure to a business that operates in seven countries and serves complex risk portfolios. For Warburg Pincus, the sale provides liquidity and allows the firm to redeploy capital into other opportunities.
Analysts will likely watch the regulatory review process closely, as any delay could affect EQT’s timing for integrating the broker and for any subsequent strategic moves within its financial‑services platform.