Aon’s $17 Billion Sale of USI Highlights 5.7x Sales Multiple
Aon plc is close to reaching an agreement to acquire USI Insurance Services in a transaction valued at about $17 billion including debt, the Wall Street Journal reported on Sunday. Should negotiations finish, a deal could be announced as soon as Monday.
Investor dashboard
Aon / USI deal watch
Deal report: Aug. 30, 2026
Market data: Aug. 28, 16:00 EDT
Market data: Aug. 28, 16:00 EDT
Reported value
$17B
Including debt; terms unconfirmed
Implied USI multiple
5.7×
Reported value / ~$3B revenue
Scale versus Aon
22.7%
Deal value / ~$75B equity value
AON Friday close
$355.40
+1.67%; volume 48% of average
Operating base and valuation
| Measure | Latest | Change / multiple |
|---|---|---|
| Q2 revenue | $4.246B | +2%; organic +5% |
| Q2 adjusted operating income | $1.227B | +5% |
| Q2 adjusted margin | 28.9% | +70 bp |
| H1 free cash flow | $846M | +4% |
| 2026 EPS estimate | $19.09 | 18.6× P/E |
| 2027 EPS estimate | $21.35 | 16.6× P/E |
Five closes: $359.10 → $354.83 → $353.98 → $349.56 → $355.40
Analyst stance
| Average target | $406.21 |
| Upside to average | 14.3% |
| Target range | $339–$445 |
Transaction timeline
2017
KKR and CDPQ acquire USIReported purchase value: $4.3B.
April 2024
Aon closes NFP acquisitionEnterprise value: $13.4B.
August 30, 2026
USI talks reportedAbout $17B including debt.
As soon as August 31
Possible announcementContingent on talks reaching agreement.
2028
Reported EPS accretion windowFinancing and synergies remain decisive.
Investor bridge
Aon's 5% organic growth and 28.9% adjusted margin provide capacity. Yet a $17B purchase equals about 20 times first-half free cash flow.
The market must price three unknowns: cash versus debt funding, synergy timing and regulatory remedies.
Key risk: Higher borrowing costs or delayed integration could offset the expected 2028 EPS benefit. The transaction has not been confirmed by either company.
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