Aon to acquire USI for $17.0B cash, creating premier U.S. middle-market platform

Aon plc

Aon signs $17.0B cash deal for USI; net $16.7B after ~$278M tax attributes, ~14.5x synergized EBITDA.
Expects $395M annual run-rate net adjusted EBITDA impact from revenue and cost synergies; accretive to adjusted EPS in 2028.
USI is 10th largest U.S. broker with ~$3B revenue, 10,500+ staff, ~200 offices; expands Aon's E&S access.
Mike Sicard to become President of Aon and global CEO of Middle Market, reporting to Greg Case.
Funding via new debt; expects to keep Baa2/A- ratings; no near-term buybacks as it prioritizes de-leveraging.

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