Previous majority shareholder KKR is fully exiting its position. KKR and company management paid $2.4 billion in 2014 to buy Sedgwick.

Funds managed by Stone Point Capital and Caisse de dépôt et placement du Québec (CDPQ), together with Sedgwick management, remain as minority investors.

Equity capital for the investment came from Carlyle Partners VII, an $18.5 billion fund that focuses on buyout transactions in the U.S., and Carlyle Global Financial Services Partners III, L.P., a financial services buyout fund.

The parties announced plans for the deal in September.

Sedgwick reports it handles more than 3.6 million claims on an annual basis and has fiduciary responsibility for claim payments totaling more than $19.5 billion.

BofA Merrill Lynch, KKR Capital Markets, Morgan Stanley, and SunTrust Robinson Humphrey, Inc. served as joint lead arrangers and joint bookrunners for the debt financing. BNP Paribas, Citizens Bank, N.A., MUFG, Fifth Third Bank, ING Capital, GIC Private Markets, HPS Investment Partners, LLC, Oak Hill

Advisors, L.P. and PSP Investments Credit US also provided debt financing for the transaction.

BofA Merrill Lynch served as financial advisor to Sedgwick, and Simpson Thacher & Bartlett served as legal advisor. Morgan Stanley and Sandler O’Neill + Partners served as financial advisors to Carlyle, and Wachtell, Lipton, Rosen & Katz served as legal advisor.

The Carlyle Group is a global alternative asset manager.