AON Maintained by Mizuho -- Price Target Lowered to $366

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 (AON) launched a $13.5B bond offering to finance its $17B acquisition of USI Insurance Services, with orders reaching $65B. The deal includes notes maturing from 3 to 30 years and a potential $4B term loan. Aon expects the acquisition to be dilutive to EPS in 2027 but accretive from 2028, with Fitch placing its debt on Rating Watch Negative.

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.