LONDON (dpa-AFX) - Professional services firm Aon Plc (AON) announced Monday its agreement to acquire insurance brokerage USI Insurance Services from private-equity firm KKR & Co. Inc.(KKR) in a deal valued at about $17 billion.
The purchase price would be $16.7 billion on a net basis, which reflects approximately $278 million of certain tax attributes.
The deal has been unanimously approved by the Board of Directors of both Aon and USI. The transaction is expected to occur in the fourth quarter of 2026, subject to customary conditions, including regulatory approvals.
Aon and USI will continue to operate independently until the closing date.
Aon expects to fund the acquisition, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions.
USI, a provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market, has more than 10,500 team members across nearly 200 U.S. offices. The company generated approximately $3 billion in annual revenue.
Following the deal closure, USI Chairman and CEO Mike Sicard will serve as President of Aon plc and global CEO of Middle Market. Sicard will report to Greg Case, President and CEO of Aon, and join the Aon Executive Committee.
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