U.S. insurance broker Marsh, a unit of Marsh & McLennan (MMC.N), announced Sunday that it would acquire Australia's Honan Insurance Group, including the 80% holding of majority shareholder TA Associates (TA), a leading global private equity firm.

The deal could be worth up to $448.70 million once finalized.

Marsh Deepens Australian Ties

Marsh is an insurance broker and risk advisor, with more than 45,000 employees operating in 130 countries. The company serves commercial and individual clients with risk and advisory services with more than $20 billion in annual revenue.

The acquisition will add 400 Honan employees across offices in Australia, New Zealandꦰ, Singapore, and Malaysia.

"The addition of Honan’s highly complementary capabilities, particularly in corporate risk and strata insurance, will enable Marsh to deepen the specialist expertise we provide to clients across Australia and New Zealand, and support them in managing the risks they now face," Nick Harris, Marsh's CEO of Pacific said in a statement.

Honan designs, prices, and negotiates insurance policies for mid-market companies in industries such as financial institutions, health care, and technology.

Although Marsh beat out competitors in the industry and buyout firms, the companies may need regulatory approvals before making the purchase official. Upon completion of the deal, Andrew Fluitsma, Honan's chief executive officer (CEO), will report to Marsh's Harris.