KKR agrees to sell USI Insurance Services to Aon for $17B

KKR & Co. Inc. (NYSE: KKR) has signed a definitive agreement to sell USI Insurance Services to Aon plc in an all-cash transaction valued at $17 billion, according to a company press release.

USI, an insurance brokerage and consulting firm headquartered in Valhalla, New York, employs more than 10,500 people across nearly 200 U.S. offices. The company offers property and casualty, employee benefits, personal risk, and retirement solutions.

KKR first acquired USI in 2017 in a transaction that valued the company at approximately $4.3 billion, later increasing its stake in 2020, 2023, and 2025. The $17 billion sale price represents approximately 6.0 times the original equity KKR invested in 2017 and 3.4 times the total KKR balance sheet capital invested over the life of the investment.

Subject to closing, the transaction is expected to generate approximately $3.3 billion in after-tax proceeds for KKR and approximately $2.0 billion in Adjusted Net Income, or more than $2.00 per share of ANI.

During KKR's ownership, USI's adjusted revenues and adjusted EBITDA grew at compounded annual growth rates of approximately 12% and 13%, respectively. The company completed more than 90 acquisitions over that period.

The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals.

Pro forma for the sale, KKR's Strategic Holdings portfolio will comprise ownership interests in 18 companies, representing KKR's share of approximately $3.5 billion in adjusted revenue and approximately $800 million in adjusted EBITDA for the trailing twelve months ended March 31, 2026.

Goldman Sachs & Co. LLC, Insurance Advisory Partners LLC, and Morgan Stanley & Co. LLC are serving as financial advisors to KKR. Simpson Thacher & Bartlett LLP is serving as legal advisor to KKR and USI.

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