EQT AB has agreed to acquire a majority stake in UK insurance broker McGill and Partners from Warburg Pincus LLC for $2 billion, as the Swedish buyout firm looks to accelerate the company’s global expansion.
The investment will be made through EQT X, according to a statement on Friday. Founder and Chief Executive Officer Steve McGill will continue to lead the business, while Chairman John Lloyd will remain actively involved. Warburg Pincus will sell its holding in full, the private equity firm said.
A possible sale of the broker by Warburg Pincus was first reported by Bloomberg in January.
Founded in 2019, McGill and Partners has grown to more than 600 employees across seven countries, generating revenue of more than $250 million. Stockholm-based EQT said it plans to support further organic growth through recruitment and investment in technology and data capabilities.
The transaction is expected to close in the first half of 2027. Following the deal, the EQT X fund is expected to be 85% to 90% invested, it said.
Photograph: The EQT AB logo on a lanyard and pass at the company’s Value Creation Day in London, UK, on Wednesday, May 20, 2026; photo credit: Chris J. Ratcliffe/Bloomberg
Topics Mergers & Acquisitions