Aon Signs Definitive $17B Agreement to Acquire USI Insurance Services
AON sits 16% above its 52-week low of $304.59.
Summary
Aon signed a definitive agreement to acquire USI Insurance Services from KKR for $17 billion, creating the leading U.S. middle-market insurance platform with $395 million in projected annual synergies.
Key Events · M&A and Partnerships · AON
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Definitive $17B USI Acquisition Agreement
Aon signed a definitive merger agreement on August 30, 2026 to acquire USI Insurance Services from KKR and other shareholders for $17.0 billion in cash, or $16.7 billion net of approximately $278 million in tax attributes.
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$395MM Annual Run-Rate Synergies
Management projects $395 million in annual run-rate net adjusted EBITDA impact — $321 million net revenue synergies and $280 million cost synergies — expected to be substantially realized between close and 2029.
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EPS Accretion Timeline
The transaction is expected to be dilutive to adjusted EPS in 2027 but accretive in 2028 and thereafter, with a net purchase price multiple of 14.5x synergized adjusted EBITDA.
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Leadership Integration
USI Chairman and CEO Mike Sicard will become President of Aon plc and global CEO of Middle Market, reporting to CEO Greg Case and joining the Aon Executive Committee.
Analysis · AON · Finance
Aon has formalized its largest acquisition since NFP, signing a definitive agreement to acquire USI Insurance Services for $17.0 billion in cash ($16.7 billion net of tax attributes). The deal establishes Aon as the premier U.S. middle-market insurance platform, adding approximately $3 billion in annual revenue and 10,500 employees. Management projects $395 million in annual run-rate synergies and expects the transaction to be accretive to adjusted EPS by 2028. The all-cash deal will be funded with new debt, and Aon will pause share repurchases to prioritize deleveraging — a meaningful shift in capital allocation for a company that repurchased $1.1 billion in shares last quarter alone.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 42.5% of the 522 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, AON was trading at $352.30 on NYSE in the Finance sector, with a market capitalization of approximately $75.4B. The 52-week trading range was $304.59 to $382.34. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.