Cravath, Swaine & Moore LLP, Skadden, Arps, Slate, Meagher & Flom LLP and McDermott Will & Schulte advised Aon on its $17 billion acquisition of USI from KKR and other shareholders.
Aon, a leading global professional services firm, has entered into a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. 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 transaction has been unanimously approved by the Boards of Directors of Aon and USI and is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including regulatory approvals.
Cravath, Swaine & Moore LLP advised Aon as lead transaction counsel.
The team is led by partners Robert I. Townsend III, Jin‑Kyu Baek and Maria Ricaurte and includes associates Trevor Lutzow, Laureano Genin, Weston James Barker, E. Celeste Kearney, E. Liza Park and Leon K. Yang on M&A matters; partner George E. Zobitz and associates Julia H. Spencer and Pierson R. Broadwater on financing matters; partners Lauren Angelilli and Arvind Ravichandran, associate Jonathan Minion and foreign associate attorney Sophia van Straalen on tax matters; partner Eric W. Hilfers, of counsel Aaron S. Cha and associates S. Celine Li and Oscar Porter on executive compensation and benefits matters; partner Sasha Rosenthal-Larrea and associates Albert Wong, M. Noa Ma and Rohan Sagar Naik on intellectual property matters; partner Margaret T. Segall and associate Tomas Kemmery on antitrust matters; partner William D. Podurgiel and associate Nikita B. Patel on corporate governance matters; partner Matthew Morreale and of counsel Annmarie M. Terraciano on environmental matters; and of counsel Joyce Law and practice area attorney Lauren Piechocki on real estate matters.
Skadden, Arps, Slate, Meagher & Flom LLP advised Aon as financing counsel in connection with the acquisition.
The team comprised Shilpi Gupta, Michael Hong and David Wagener.
McDermott Will & Schulte advised Aon on regulatory matters in connection with the transaction.
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