28/11/2014 05:37:43 Free Membership Login

Onex to Acquire USI for $2.3 billion

Date : 11/26/2012 @ 5:30PM
Source : Marketwired
Stock : Onex Corporation, Sv (OCX)
Quote : 65.32  0.35 (0.54%) @ 2:40AM
Onex Corporation, Sv share price Chart

Onex to Acquire USI for $2.3 billion

Onex Corporation, Sv (TSX:OCX)
Historical Stock Chart

3 Years : From Nov 2011 to Nov 2014

Click Here for more Onex Corporation, Sv Charts.


All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:OCX) today announced that it has agreed to acquire USI, a leading U.S. provider of insurance brokerage services, for $2.3 billion. The transaction is anticipated to close by the end of 2012 subject to customary conditions and regulatory approvals.

USI is a leader in the insurance brokerage market with a diversified mix of property and casualty, employee benefits and retirement consulting. Founded in 1994, USI is headquartered in Briarcliff Manor, New York and has more than 3,300 employees in approximately 100 offices across the United States. USI is ranked as one of the ten largest insurance brokers in the United States.

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

"Our world-class brokers and investment in differentiating client solutions have allowed us to continually strengthen our market position by providing our clients with a level of value that is unparalleled in the middle-market," commented Mike Sicard, Chief Executive Officer of USI. "We look forward to our next phase of growth in partnership with Onex."

The equity investment of approximately $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.

About Onex

With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $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.

Onex' businesses have assets of $39 billion, generate annual revenues of $34 billion and employ approximately 235,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com.

The company's security filings can also be accessed at www.sedar.com.

About USI

Founded in 1994, USI is the 9th largest insurance broker in the United States and the 13th largest in the world. USI is headquartered in Briarcliff Manor, NY, and operates out of approximately 100 offices across the United States. Additional information about USI may be found at www.usi.biz.

Forward-Looking Statements

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

Contacts: Onex Corporation Emma Thompson Vice President, Investor Relations 416.362.7711 www.onex.com



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 in 141128 05:37