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Onex to acquire U.S. insurance business USI in US$2.3-billion deal
TORONTO – Onex Corp. (TSX:OCX) says it has an agreement to acquire U.S. insurance company USI in a US$2.3-billion deal.
USI has more than 3,300 employees in about 100 offices across the United States, including a headquarters in the New York City area.
It deals in property and casualty insurance, employee benefits and retirement consulting.
Onex is a Toronto-based conglomerate involved in a wide range of industries.
The deal includes a $700-million equity investment in USI through Onex Partners III.
Onex owns about 25 per cent of the partnership and manages it.
Once the acquisition is completed, the insurance company will be co-owned by Onex, Onex Partners III and employees of USI.
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