Aon nears about $17 billion deal to buy insurance broker USI from KKR, CNBC reports

Aon is nearing a deal valued at about $17 billion, including debt, to acquire insurance broker USI from private equity firm KKR, CNBC reported on August 30, citing reporting by The Wall Street Journal.

According to the report, the companies have been in talks about the acquisition, and the size of the transaction would place it among the largest consolidation moves in insurance brokerage in recent years, given the scale implied by the total purchase price and the inclusion of debt in the figure.

If the transaction proceeds, Aon would expand its brokerage footprint through USI’s business, while KKR would move toward exiting or reducing its position in the broker as part of a broader private-equity portfolio strategy.

The structure described in the report, with the total valuation including debt, suggests the financing and integration plan would be a central element of the negotiations, because the buyer’s obligations would depend on how existing liabilities at USI are treated in the transaction.

The report does not lay out deal timing, regulatory review expectations, or specific terms such as the share of the purchase price paid in cash versus other consideration. Such details would typically be clarified in a definitive agreement and related filings before any closing.

Insurance brokerage acquisitions can also raise questions about competition and consumer impact, because brokers play a role in how corporate clients purchase property, casualty, and other insurance products. Regulators may therefore examine whether the combination would reduce choice or change incentives for client servicing.

For Aon and KKR, the next steps are likely to include finalizing a definitive purchase agreement, completing any required governance approvals, and addressing potential antitrust and other regulatory requirements before closing.

Until the parties disclose definitive terms, the reported figure should be treated as a negotiation benchmark rather than a final price, and the transaction remains subject to change as talks continue.