Onex Corp. (OCX.TO) announced it has agreed to acquire USI, a leading U.S. provider of insurance brokerage services, for $2.3 billion. The equity investment of approximately $700 million will be made by Onex Partners III, in which Onex is a 25% limited partner; Onex as a co-investor in the transaction; and USI's employees. Upon closing, Onex, Onex Partners III and employees of USI will own 100% of the company.
USI is a leader in the insurance brokerage market with a diversified mix of property and casualty, employee benefits and retirement consulting. Founded in 1994, USI is headquartered in Briarcliff Manor, New York and has more than 3,300 employees in approximately 100 offices across the United States. USI is ranked as one of the ten largest insurance brokers in the United States.
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