Aon expands mid-market reach with $17 billion USI deal

Aon expands mid-market reach with $17 billion USI deal

Mon, August 31, 2026 at 6:17 PM GMT+3 1 min read

• AON +1.49%

Aon PLC (NYSE:AON) has agreed to acquire insurance brokerage USI from KKR for $17 billion including debt, the companies said Monday, as Aon expands its reach among medium-sized businesses.

USI provides risk management, health insurance and retirement plan services for businesses and individuals, and reports about $3 billion in annual revenue.

The purchase price is $17 billion, or $16.7 billion on a net basis, reflecting approximately $278 million of certain tax attributes, the companies said.

The net purchase price represents approximately 14.5x on a synergized trailing twelve-month adjusted EBITDA basis.

Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions.

"Combining with USI will establish the premier U.S. middle-market platform, deepen our context advantage and position Aon to accelerate organic growth," Aon CEO Greg Case said in a statement.

The deal marks the latest exit for KKR, which acquired USI along with another investment firm for $4.3 billion in 2017.

The private equity firm recently reported a record $1.29 billion in quarterly asset sales.

Shares of Aon were down 7.3% Monday morning.