Aon outlines USD 17 billion USI acquisition to build US middle-market platform
AON•Earnings and leverage outlook
Adjusted EPS is projected to be dilutive in 2027 and accretive in 2028.
Leverage is expected to return to 2.8x-3.0x within about 24 months of close.
Aon outlines USD 17 billion USI acquisition
Aon outlined a USD 17 billion all-cash deal to acquire USI, targeting a scaled U.S. middle-market insurance brokerage platform.
Net purchase price is set at USD 16.7 billion, reflecting about USD 278 million of tax attributes, with funding planned through new debt issuance.
USI revenue, valuation, and expected synergies
USI trailing 12-month revenue is USD 3 billion, with synergized adjusted EBITDA of USD 1.2 billion and a net multiple of 14.5x.
Net adjusted EBITDA synergies are targeted at USD 395 million, including USD 280 million of cost synergies, with substantial realization expected through 2029.
