Large-scale acquisition talks between Aon and USI

Aon is close to reaching an agreement to acquire USI, which operates in insurance brokerage and consulting. According to The Wall Street Journal, the deal would be worth about $17 billion including debt, and an announcement could come as early as Monday.

The report said the sale is being led by current owner private equity firm KKR. Such a transaction is being closely watched both as a move that would expand scale in the insurance brokerage market and as a notable exit on the private equity side.

How could the deal support Aon’s growth plan?

USI’s business and revenue scale

USI, based in Valhalla, New York, provides risk management, employee benefits and retirement consulting services. According to information on the company’s website, annual revenue is around $3 billion.

According to the report, a potential acquisition could expand Aon’s access to mid-sized businesses, particularly for a company with a market value of about $75 billion. The report also said the deal could boost the company’s earnings per share by 2028.

Aon shares and recent financial results

In its second-quarter results announced on July 29, Aon reported adjusted earnings per share of $3.81, beating Wall Street expectations. Even so, the company’s shares have fallen 5.6% since then and closed Friday at $355.40.

That suggests investors will be watching closely to see how a possible acquisition affects Aon’s growth outlook. In particular, the balance between expected profit growth and the cost of the acquisition will be in focus.

The deal could be one of KKR’s notable recent exits

KKR bought USI from private equity firm Onex in 2017. The firm later increased its stake in USI and had become the largest shareholder by 2023.

If the USI sale goes through, it would add another major exit to KKR’s recent activity. The firm also completed the sales of data center cooling company CoolIT and Circor’s commercial and defense aerospace business this year.

  • USI annual revenue: $3 billion
  • Potential deal value: $17 billion
  • KKR reported asset sales in the quarter ended in June: $1.29 billion

KKR reported a record $1.29 billion in asset sales for the quarter ended at the end of June. If the USI deal is completed, it could go down as one of the most notable private equity sales of 2026.