Insight and Intelligence on the London & International Insurance Markets

19 August 2017

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Onex sells USI to KKR and CDPQ in $4.3bn deal

Catrin Shi 17 March 2017

Onex Corporation has agreed to sell US broker USI Insurance Services to an affiliate of KKR & Co and Caisse de dépôt et placement du Québec (CDPQ) at an enterprise value of $4.3bn.

Upon completion of the transaction, ultimate parent Onex Group will have received proceeds of approximately $2.1bn, including a prior distribution of $181mn in 2015, Onex said in a statement today.

Onex Corporation's portion of the sale proceeds will be approximately $563mn, including carried interest of $65mn.

The...


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