Onex Pays $2.3B for USI

Posted on: November 26, 2012 by StaffNo Comments »

Canadian private equity company Onex Corp. will pay $2.3 billion to acquire USI, a provider of insurance brokerage services, Onex announced Monday. The deal is expected to close by the end of 2012. Founded in 1994, USI is based in Briarcliff Manor, New York and has more than 3,300 employees. Under the terms of the deal, an 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, the firm said in a statement.