Proposed $17 billion USI acquisition creates high-impact financing, regulatory and integration overhang

Key Facts

• Aon announced the signing of a definitive agreement to acquire USI from KKR and other shareholders for a total purchase price of $17.0 billion.
• The purchase price is $16.7 billion net of approximately $278 million of certain tax attributes, and Aon expects to fund the transaction and related costs with new debt, subject to market conditions.
• USI has approximately $3 billion in annual revenue, more than 10,500 team members and nearly 200 U.S. offices; it is described as the tenth-largest U.S. insurance broker.
• Aon’s board and USI’s board unanimously approved the transaction, but closing remains subject to customary conditions including regulatory approvals and is expected in the fourth quarter of 2026; Aon and USI will operate independently until closing.
• Following closing, USI Chairman and CEO Mike Sicard is expected to become President of Aon and global CEO of Middle Market, reporting to Greg Case and joining Aon’s Executive Committee.

Source

View the source SEC filing