WASHINGTON (dpa-AFX) - USI Insurance Services, announced on Monday that its existing shareholder and global investment firm KKR is making a new equity investment of more than $1 billion in the company.
Under the transaction terms, KKR and USI will purchase more than 50 percent of the USI shares held by CDPQ and certain other investors.
KKR and CDPQ a pension fund company, both acquired USI in 2017, and upon the transaction close KKR will be USI's largest single shareholder.
'The USI team has more than doubled in size to over 10,000 team members across more than 200 offices. USI's management and employees will retain their significant ownership in the Company going forward,' the company stated.
The transaction is expected to close by the end of the year.
In pre-market activity, shares of KKR are trading at $ 62.83 up 0.02% on the New York Stock Exchange.
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