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A deal years in the making appears to be reaching its final stretch. Aon Plc is closing in on an agreement to acquire insurance brokerage USI Insurance Services from private equity firm KKR, in a transaction valued at roughly $17 billion including debt, the Wall Street Journal reported Sunday, citing people familiar with the matter.

A Deal Racing Toward Announcement

According to the report, an official announcement could arrive as early as Monday, provided negotiations wrap up successfully in the coming hours. London-headquartered Aon and Valhalla, New York-based USI could not immediately be reached for comment, while New York City-based KKR declined to comment on the matter.

Another Exit in a String of Major KKR Sales

If finalized, this deal would mark the latest in a series of significant exits for KKR, joining recent moves like the sale of its data-center cooling business, CoolIT Systems, and the sale of Circor's commercial and defense aerospace unit — suggesting a broader pattern of KKR cashing out of long-held investments as market conditions favor sellers.

How KKR Came to Own USI

KKR's involvement with USI dates back to 2017, when the firm — alongside Canadian pension fund Caisse de dépôt et placement du Québec — acquired the insurance brokerage from Onex Corporation for $4.3 billion, including debt. Since that initial acquisition, KKR has poured in more than $1 billion in additional investment, cementing its position as USI's largest shareholder over the years.

What the Deal Could Mean for USI's Future

The proposed acquisition is expected to strengthen USI's capabilities in serving midsize businesses, according to the report, and could begin boosting Aon's earnings per share as soon as 2028 — a timeline that suggests the deal's benefits are viewed as a medium-term payoff rather than an immediate windfall.