Private equity firms TPG Capital and Madison Dearborn Partners are the two finalists bidding for National Financial Partners , a New York-based wealth management company with a market value of nearly $900 million, people familiar with the matter said.
NFP, which until last week was run by Sandy Weill's daughter, Jessica Bibliowicz, could be valued at around $1 billion in a deal, the people said on Wednesday, asking not to be named because details of the auction are confidential.
NFP said on March 13 that the company has decided to explore a sale following indications of interest from private equity firms, confirming a Reuters report the previous day.
Representatives for NFP, TPG and Madison Dearborn did not immediately respond to requests for comment.
(Reporting by Jessica Toonkel and Greg Roumeliotis in New York, Editing by Soyoung Kim and Steve Orlofsky)