(Reuters) - Wealth management company National Financial Partners
Madison Dearborn will pay $25.35 for each National Financial share, a premium of about 8 percent to the stock's Friday close.
Reuters first reported on March 12 that New York-based National Financial was exploring a possible sale of the company to private equity firms. Madison's offer price is a premium of 26 percent to trading levels on that day.
National Financial, which is run by Jessica Bibliowicz, the daughter of former Citigroup
BofA Merrill Lynch was the financial adviser to National Financial. Skadden, Arps, Slate, Meagher & Flom LLP served as legal adviser to National Financial.
UBS Securities LLC advised Madison Dearborn, while Ropes & Gray LLP served as its legal adviser.
National Financial shares were up about 7 percent before the bell on Monday.
(Reporting by Avik Das in Bangalore; Editing by Roshni Menon)