Aon plc has agreed to acquire USI Insurance Services for $17 billion in cash, a deal that extends its U.S. middle-market expansion following the $13 billion NFP acquisition in 2024. USI generates approximately $3 billion in annual revenue, and the transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals. Aon plans to fund the purchase with new debt, and projects $395 million in annual run-rate net adjusted EBITDA impact, including $115 million from revenue synergies and $280 million in cost savings. The net purchase price is approximately $16.7 billion after tax attributes, equating to 14.5 times synergized adjusted EBITDA of roughly $1.15 billion. Aon expects the deal to dilute adjusted EPS in 2027 but become accretive in 2028, with leverage rising to 4.8 times at closing before returning to its 2.8 to 3.0 times target within about 24 months.
Aon PLCAon agrees to acquire USI for $17B cash, funded with new debt, diluting 2027 EPS before turning accretive in 2028.
Chevron CorpUSI Insurance Services is being acquired by Aon for $17 billion in cash.
