Onex group to sell USI Insurance Services to KKR, Caisse de depot partnership

TORONTO – A group led by Toronto-based Onex Corp. is selling USI Insurance Services in a deal that values the U.S.-based insurance firm at US$4.3 billion.

The buyers are an affiliate of New York-based private equity firm KKR & Co. and the Montreal-based Caisse de depot, which is one of Canada’s biggest retirement fund managers.

Onex says its portion of the proceeds from the USI Insurance sale will be about $563 million.

The transaction is subject to regulatory approval but expected to close in the second quarter of this year.