Aon publishes transcript of USI acquisition conference call
AON•Conference call on USI acquisition
Aon’s call on the USI acquisition drew CEO Greg Case, interim CFO Nadin Virani, Deputy CEO Andrew Marcell and USI CEO Mike Sicard.
Synergies, costs and USI contribution
Management said net adjusted EBITDA synergies are pegged at $395 million, including $321 million in net revenue synergies and $280 million in cost synergies.
Integration costs are estimated at $550 million, transaction costs at $160 million, and retention costs at up to $400 million over three years.
USI is expected to add $3.3 billion in revenue and $1.2 billion in adjusted EBITDA on a fully synergized trailing 12-month basis.
Deal terms and expected financial impact
The all-cash deal is priced at $17 billion, or $16.7 billion net of tax attributes, with funding planned via new debt.
Closing is targeted for Q4 2026. EPS is expected to be dilutive in 2027 and accretive from . Management said leverage should return to within .
