logo
  Join        Login             Stock Quote

ONEX To Buy Insurance Broker USI For $2.3B From Goldman Sachs (GS) Fund

 November 26, 2012 10:43 AM


(By Balaseshan) ONEX Corp. (TSE: OCX), a private equity company engaged in acquiring and building businesses, said it has agreed to buy insurance broker USI for $2.3 billion from a Goldman Sachs (NYSE: GS) private equity fund.

The equity investment of about $700 million will be made by Onex Partners III, in which Onex is a 25% limited partner; Onex as a co-investor in the transaction; and USI's employees. Upon closing, Onex, Onex Partners III and employees of USI will own 100% of the company.

"USI has established a strong national insurance brokerage with a very impressive management team led by Mike Sicard. The company is well positioned to continue to grow both organically and by building on its track record of successful acquisitions," said Robert Le Blanc, an Onex Managing Director.

[Related -Four Stocks in the Dow Making Fresh 52 Week Lows]

USI is a player in the insurance brokerage market with a diversified mix of property and casualty, employee benefits and retirement consulting. USI is ranked as one of the ten largest insurance brokers in the United States.

Founded in 1994, USI is headquartered in Briarcliff Manor, New York and has more than 3,300 employees in about 100 offices across the United States. The transaction is anticipated to close by the end of 2012 subject to customary conditions and regulatory approvals.

Onex has about $14 billion of assets under management, including $4.8 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds.

[Related -Some Thoughts on Greece’s Don’t-Call-It-a-Default]

Onex' businesses have assets of $39 billion, generate annual revenues of $34 billion and employ approximately 235,000 people worldwide.

OCX is trading down 0.49% at $40.35 on Monday, while GS trades down 0.81% at $119.33.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageFour Stocks in the Dow Making Fresh 52 Week Lows

“What gets weak tends to get weaker; what gets strong tends to get read on...

article imageGreece And The Cemetery For Your Wealth

The Greek default is merely the opening act of the worst sovereign-debt crisis in history. By the time it read on...

article imageAll Signs Point To Higher Gold Prices

In the face of historic monetary stimulus from nearly every major central bank in the world over the past read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Greece And The Cemetery For Your Wealth
More Articles on: Finance , Americas



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.