On September 14, Aon PLC rose 3.2% in regular trading, trading at $306.525 per share, with turnover of $175 million. The move was driven by the company officially commencing a seven-part US dollar bond sale to fund its previously announced acquisition of USI Insurance Services.

Aon formally launched the multi-tranche senior notes offering, with proceeds earmarked to finance the approximately $17 billion all-cash acquisition of USI Insurance Services from private equity firm KKR. The company had filed the seven-tranche senior notes issuance with the SEC on September 11, though the specific offering size has not been disclosed. The formal commencement of the bond sale marks the deal financing entering a substantive execution phase, alleviating market concerns over transaction uncertainty.

The USI acquisition, announced on August 31, is designed to expand Aon's footprint in the fast-growing middle-market insurance brokerage segment serving mid-sized businesses. The transaction is expected to close in Q4 and become accretive to adjusted earnings by 2028. Bank of America Securities and Citi are advising Aon, while Goldman Sachs, Insurance Advisory Partners, and Morgan Stanley are advising KKR.

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