KKR, Caisse to buy insurance broker USI from Onex: Reuters
U.S. private equity firm KKR & Co and Canadian pension fund manager Caisse de dépôt et placement du Québec agreed to buy USI Insurance Services from Onex Corp in a US$4.3 billion deal, including debt, Reuters reported. The deal is the latest in a string of mergers in the insurance market, which has not grown quickly enough to support the smaller brokerages. Onex bought USI in 2012 for US$2.3 billion from Goldman Sachs Group's private equity arm. The Toronto-based investor said the sale of USI will generate a gross multiple of invested capital of 3.4 times and a 34 percent gross rate of return.
17 March 2017•3 mins read
