GS Capital Partners' $1.4 billion deal to purchase the USI Holdings Corp. brokerage reflects the private equity market's growing interest in the insurance industry in general, and the brokerage side in particular, and might harbinger more deals before year's end, analysts say.
Nearly three months after announcing it was exploring the possibility of going private, the Briarcliff Manor, N.Y.-based insurance broker entered into a definitive purchase agreement with GS Capital, a private equity affiliate of Goldman, Sachs & Company.
USI stockholders will receive $17 in cash for each share of USI common stock. Under the agreement, GS Capital would also repay approximately $300 million of USI's existing debt obligations.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
