KKR & Co. L.P. (NYSE:KKR), Caisse de dépôt et placement du Québec along with USI Insurance employees agreed to acquire USI Insurance Services, LLC from Onex Partners III, L.P., a fund of Onex Corporation (TSX:ONEX), USI Insurance employees and other shareholders for an enterprise value of $4.3 billion on March 17, 2017. The transaction is an all cash transaction. Onex portion of the sale proceeds will be approximately $563 million, including carried interest of $65 million. KKR and Caisse de dépôt et placement du Québec will each acquire equal stake in USI Insurance. The transaction is subject to customary conditions including regulatory approvals and is expected to close by the end of second quarter of 2017. As of May 11, 2017, the transaction was approved by the European Commission.

Bank of America Merrill Lynch and JPMorgan Securities LLC acted as financial advisor to Onex Corporation. Gary Horowitz, Elizabeth Cooper, Jakob Rendtorff, Jun Kim, Jake Phillips, James Cross, Adam Moss, Edward Bersuder, Sam Egendorf, Joseph Kaufman, Katharine Moir, Jason Vollbracht, David Rubinsky, Patricia Adams, Chris Scavone, Rajib Chanda, Christopher Healey, Steven DeLott, Lori Lesser, Genevieve Dorment and Alexander Moser, Adeeb Fadil, Noreen Lavan, Kelly Karapetyan and Ellen Frye of Simpson Thacher & Bartlett LLP acted as the legal advisors to KKR and Caisse de dépôt et placement du Québec in this transaction. Adam M. Givertz and Rosita Lee of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors of Caisse de dépôt et placement du Québec. Joel Greenberg, Thomas Yadlon, Tracy Belton, Shay Soltani, Tyler Conway, Ethan Zausner, Erin Iannotti, Jeffrey London, Brian Witkowski, Laurie Abramowitz, Sarah Soloveichik, Wilson Mudge, Peter Danias, David F. Freeman, Jr., L. Charles Landgraf, Andrew Shipe, Anthony Raglani and Kevin Toomey of Arnold & Porter Kaye Scholer LLP acted as legal advisors for Onex. John Cannon of Shearman & Sterling LLP acted as legal advisor to USI. Citigroup Corporate & Investment bank acted as financial advisor to KKR & Co.L.P. and Caisse de dépôt et placement du Québec.

KKR & Co. L.P. (NYSE:KKR), Caisse de dépôt et placement du Québec along with USI Insurance employees completed the acquisition of USI Insurance Services, LLC from Onex Partners III, L.P., a fund of Onex Corporation (TSX:ONEX), USI Insurance employees and other shareholders on May 16, 2017.