Aon PLC（AON）資訊與事件AONAon PLC

Aon to Acquire USI for $17 Billion

Aon plc (AON) announced the signing of a definitive agreement to acquire USI from KKR (KKR) and other shareholders for a total purchase price of $17B. Following the close of the transaction, USI chairman and CEO Mike Sicard will serve as president of Aon plc and global CEO of middle market, reporting to Case, and join the Aon executive committee. The combination is expected to accelerate organic growth across Aon's middle-market platform. Aon said it has a clear path to deliver approximately $395M in annual run-rate net adjusted EBITDA impact from identified revenue and cost synergies across the combined middle-market platform. Aon expects the acquisition to be accretive to adjusted EPS in 2028 and thereafter. The purchase price for USI is $17B, or $16.7B on a net basis, which reflects approximately $278M of certain tax attributes. The net purchase price represents approximately 14.5x on a synergized trailing twelve-month adjusted EBITDA basis. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The firm does not expect to repurchase shares in the near-term as it prioritizes debt repayment. The transaction has been unanimously approved by the board of directors of Aon and the board of directors of USI. Closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the fourth quarter of 2026. Aon and USI will continue to operate independently until the closing date.

UBS Maintains Neutral Rating on Aon with $387 Price Target

UBS analyst Brian Meredith keeps a Neutral rating on Aon plc with a $387 price target after the Wall Street Journal reported the company is is nearing an agreement to acquire USI Insurance Services from KKR for roughly $17B, including debt. UBS views the potential deal as a strategic positive. The acquisition would establish Aon as one of the leading middle-market brokers in the U.S., which has historically grown faster than the upper-middle and large market segments, the analyst tells investors in a research note.

Keefe Bruyette Maintains Outperform Rating on Aon with $412 Price Target

Keefe Bruyette keeps an Outperform rating on Aon plc with a $412 price target after the Wall Street Journal reported the company is close acquiring middle-market insurance broker USI Insurance from KKR for about $17B. Business Insurance magazine ranked USI as the 10th-largest U.S. brokerage in 2025 with about $2.9B of revenue, implying a 5.9-times price-to-revenue multiple, the analyst tells investors in a research note. Keefe says the "very fragmented" domestic middle-market insurance brokerage marketplace both minimizes antitrust concerns and implies a lot of smaller, lesser resourced competitors.