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HedgeCo.Net \u2014 Aon plc said Monday it had signed a definitive agreement to acquire USI from KKR and other shareholders for a total purchase price of $17.0 billion, or $16.7 billion net after approximately $278 million of tax attributes. The Aon PR Newswire release is the primary. Insurance Journal independently printed the same $17 billion headline, KKR\u2019s 2017 entry at about $4.3 billion, and the approximately 3.4 times return on KKR balance-sheet capital invested over the life of the holding.<\/p>\n
USI is the tenth-largest U.S. insurance broker, with about $3 billion of annual revenue, more than 10,500 employees, and nearly 200 U.S. offices across property and casualty, employee benefits, personal risk, and retirement. Aon expects about $395 million of annual run-rate net adjusted EBITDA impact from identified revenue and cost synergies across the combined middle-market platform, and expects the deal to be accretive to adjusted EPS in 2028 and thereafter. Net purchase price is about 14.5 times synergized trailing-twelve-month adjusted EBITDA. Funding is new debt across a range of maturities; Aon does not expect near-term share repurchases while it prioritizes delevering. Close is targeted for the fourth quarter of 2026 subject to customary conditions including regulatory approvals.<\/p>\n
After close, USI Chairman and CEO Mike Sicard will become President of Aon plc and global CEO of Middle Market, reporting to Greg Case and joining the Aon Executive Committee. The combination builds on Aon\u2019s 2024 NFP acquisition and is aimed at the more-than-$40 billion U.S. middle-market segment, including expanded Excess & Surplus access. KKR\u2019s media statement separately framed the exit as about 6.0 times the original 2017 equity check and about 3.4 times total balance-sheet capital, with roughly $3.3 billion of after-tax proceeds and about $2.0 billion of adjusted net income for KKR subject to closing.<\/p>\n
This is a signed definitive agreement, not a close. Mark $17.0 billion gross, $16.7 billion net, Q4 2026, and $395 million synergies as company figures. Do not treat KKR\u2019s 3.4 times multiple as a closed MOIC until the deal funds, and do not invent a closed date. The allocator object is a strategic broker consolidating another KKR-backed middle-market platform after a near-decade hold.<\/p>\n","protected":false},"excerpt":{"rendered":"
HedgeCo.Net \u2014 Aon plc said Monday it had signed a definitive agreement to acquire USI from KKR and other shareholders for a total purchase price of $17.0 billion, or $16.7 billion \u2026 Continue reading