Aon agrees $17 billion USI acquisition

• Aon agreed to acquire USI from KKR and other shareholders for a total purchase price of $17 billion.
• USI generates about $3 billion in annual revenue with more than 10,500 employees across nearly 200 U.S. offices.
• Aon expects the transaction to expand its middle-market platform and generate about $395 million in annual run-rate adjusted EBITDA impact.

Aon (NYSE:AON) signed a definitive agreement to acquire USI from KKR and other shareholders for $17 billion, expanding its U.S. insurance brokerage operations.

The deal values USI at $16.7 billion after approximately $278 million in tax attributes and follows Aon’s strategy to grow its presence in the U.S. middle-market insurance sector.

USI generates about $3 billion in annual revenue, employs more than 10,500 people, operates nearly 200 U.S. offices, and is ranked as the tenth-largest U.S. insurance broker, while Aon expects approximately $395 million in annual run-rate net adjusted EBITDA impact from revenue and cost synergies.

Aon said the acquisition is expected to be accretive to adjusted earnings per share in 2028.

Aon provides insurance brokerage, risk management, retirement, and data analytics services to businesses and organizations globally.

The transaction will be funded through new debt, with Aon targeting the maintenance of its Baa2/A- credit ratings and prioritizing debt reduction over near-term share repurchases, while closing is expected in the fourth quarter of 2026.