Aon Plc – $17B USI Acquisition Bond Financing

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## Overview Aon Plc kicked off a jumbo seven-part US dollar investment-grade bond sale to help finance its planned $17 billion acquisition of USI Insurance Services from private equity firm KKR & Co. (Bloomberg, September 14, 2026). ## Deal Structure The bond offering is structured across seven parts, a scale reflecting the size of the financing need for the USI takeover (Bloomberg, September 14, 2026). This connects to Aon's previously announced acquisition plans for USI Insurance Services. ## Why It Matters This is one of the largest debt-financed M&A transactions in the insurance brokerage sector, underscoring continued consolidation activity in insurance services and KKR's exit strategy from a major portfolio holding. The scale and structure of the bond sale will be a bellwether for investment-grade credit market appetite for large M&A financings amid broader market volatility. ## Key Parties - Aon Plc (acquirer, bond issuer) - USI Insurance Services (target) - KKR & Co. (seller, current owner of USI) ## Watch For - Final pricing and demand for the bond offering - Closing timeline for the USI acquisition - Credit rating agency responses to Aon's increased leverage