OREANDA-NEWS. November 27, 2012. Onex Corporation (“Onex”) (TSX: OCX) today announced that it has agreed to acquire USI, a leading U.S. provider of insurance brokerage services, for USD 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 USD 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.