AON's USI Deal Drives $13.5B Bond Offering, Draws $65B in Orders

Aon plc (AON) filed an SEC Form 8-K — Other Events. Item 8.01 Other Events. On September 14, 2026, Aon North America, Inc., a Delaware corporation (“ANA”), Aon Global Holdings plc, a public limited company formed under the laws of England and Wales (“AGH” and, together with ANA, the “Issuers”), Aon plc, an Irish public limited com

Aon (AON) will acquire USI Insurance Services from KKR (KKR) for $17.0 billion in cash, funded by new debt. Aon expects $395 million in annual synergies and EPS accretion by 2028. Both companies have seen declining hedge fund interest. Aon shares fell in premarket trading. KKR expects $3.3 billion in after-tax proceeds.

Aon PLC's stock hit a 52-week low of $298.41, down 14.2% year-to-date. The company's financial health is strong, with a Piotroski Score of 9. Aon plans to acquire USI Advantage Corp. for $17B, with mixed analyst reactions on price targets. Keefe, Bruyette & Woods set a $417 target, while BMO Capital and Piper Sandler lowered theirs to $360 and $349, respectively.

Aon Plc (AON) announced a definitive agreement to acquire USI, a leading US middle-market broker, for $17 billion. The deal, expected to close in 2028, is valued at 14.5 times synergized EBITDA and is anticipated to be EPS accretive. Aon aims to create a premier US middle-market platform, combining USI, NFP, and its own capabilities. Mike Sicard, CEO of USI, will lead the combined platform as President of Aon and Global CEO of Middle-Market.

Aon Plc raised $13.5 billion from a bond sale to fund its $17 billion acquisition of USI Insurance Services. The deal, one of the largest M&A financings in 2026, saw strong investor demand. Aon sold notes with maturities ranging from 3 to 30 years, with the longest tenor yielding 1.15 percentage points above Treasuries. The acquisition is expected to close by year-end, expanding Aon's midsized corporate client base. Fitch Ratings placed Aon's debt on Rating Watch Negative, citing increased credi

Aon's $13.5 billion bond offering to fund its $17 billion acquisition of USI Insurance Services attracted $65 billion in demand, indicating strong investor interest. The deal includes seven tranches with maturities from 3 to 30 years, and yields tightened on the longest tenor. Fitch Ratings placed Aon's debt on rating watch negative, citing increased credit risk. The acquisition is expected to close by year-end, expanding Aon's midsized corporate client footprint.