KKR & Co. L.P., Caisse de dépôt et placement du Québec along with USI Insurance employees completed the acquisition of USI Insurance Services, LLC from Onex Partners III, L.P., a fund of Onex Corporation, USI Insurance employees and other shareholders.
May 15, 2017
Share
KKR & Co. L.P. (NYSE:KKR), Caisse de dépôt et placement du Québec along with USI Insurance employees agreed to acquire USI Insurance Services, LLC from Onex Partners III, L.P., a fund of Onex Corporation (TSX:ONEX), USI Insurance employees and other shareholders for an enterprise value of $4.3 billion on March 17, 2017. The transaction is an all cash transaction. Onex portion of the sale proceeds will be approximately $563 million, including carried interest of $65 million. KKR and Caisse de dépôt et placement du Québec will each acquire equal stake in USI Insurance. The transaction is subject to customary conditions including regulatory approvals and is expected to close by the end of second quarter of 2017. As of May 11, 2017, the transaction was approved by the European Commission.
Bank of America Merrill Lynch and JPMorgan Securities LLC acted as financial advisor to Onex Corporation. Gary Horowitz, Elizabeth Cooper, Jakob Rendtorff, Jun Kim, Jake Phillips, James Cross, Adam Moss, Edward Bersuder, Sam Egendorf, Joseph Kaufman, Katharine Moir, Jason Vollbracht, David Rubinsky, Patricia Adams, Chris Scavone, Rajib Chanda, Christopher Healey, Steven DeLott, Lori Lesser, Genevieve Dorment and Alexander Moser, Adeeb Fadil, Noreen Lavan, Kelly Karapetyan and Ellen Frye of Simpson Thacher & Bartlett LLP acted as the legal advisors to KKR and Caisse de dépôt et placement du Québec in this transaction. Adam M. Givertz and Rosita Lee of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors of Caisse de dépôt et placement du Québec. Joel Greenberg, Thomas Yadlon, Tracy Belton, Shay Soltani, Tyler Conway, Ethan Zausner, Erin Iannotti, Jeffrey London, Brian Witkowski, Laurie Abramowitz, Sarah Soloveichik, Wilson Mudge, Peter Danias, David F. Freeman, Jr., L. Charles Landgraf, Andrew Shipe, Anthony Raglani and Kevin Toomey of Arnold & Porter Kaye Scholer LLP acted as legal advisors for Onex. John Cannon of Shearman & Sterling LLP acted as legal advisor to USI. Citigroup Corporate & Investment bank acted as financial advisor to KKR & Co.L.P. and Caisse de dépôt et placement du Québec.
KKR & Co. L.P. (NYSE:KKR), Caisse de dépôt et placement du Québec along with USI Insurance employees completed the acquisition of USI Insurance Services, LLC from Onex Partners III, L.P., a fund of Onex Corporation (TSX:ONEX), USI Insurance employees and other shareholders on May 16, 2017.
KKR & Co. Inc. is an investment company, which offers alternative asset management as well as capital markets and insurance solutions. The Company's asset management business offers a range of investment management services to fund investors around the world. It operates in two segments: Asset Management and Insurance. The Asset Management business offers a range of investment management services to investment funds, vehicles and accounts (including Global Atlantic) and provides capital markets services to portfolio companies and third parties. The Insurance business is operated by Global Atlantic, which is a United States retirement and life insurance company that provides a suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets. It offers individuals fixed-rate annuities, fixed-indexed annuities and targeted life products through a network of banks, broker-dealers and independent marketing organizations.
KKR & Co. L.P., Caisse de dépôt et placement du Québec along with USI Insurance employees completed the acquisition of USI Insurance Services, LLC from Onex Partners III, L.P., a fund of Onex Corporation, USI Insurance employees and other shareholders.