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 -Pfizer Inc. (PFE) Q2 Earnings Preview: A Penny Here a Penny There]

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 -AbbVie Inc. (ABBV): Headed $67’s Way – Maybe More]

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 imageFord Motor Company (F) Q2 Earnings Preview: Light on the Top Line?

Ford Motor Company (NYSE:F) will release its preliminary second quarter 2014 results at 6:30 a.m. EDT read on...

article imageTripadvisor Inc. (TRIP) Q2 Earnings Preview: On Target Enough?

Tripadvisor Inc. (NASDAQ:TRIP) will release its second quarter financial results after market close on read on...

article imageFacebook Inc. (FB) Q2 Earnings Preview: Scoring Big on the World Cup

Facebook Inc. (NASDAQ:FB) will post its second-quarter 2014 financial results after the market close on read on...

article imageThe Boeing Company (BA) Q2 Earnings Preview: Durable Earnings Beater

The Boeing Company (NYSE:BA) will publish its second-quarter financial results before the open of the read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



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.