CDPQ and KKR acquire USI, a leading insurance brokerage and consulting firm

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CDPQ and KKR, along with USI employees, announced today their joint acquisition of USI Insurance Services (USI), a leading U.S. insurance brokerage and consulting firm. As partners with equal ownership, CDPQ and KKR will acquire USI from Onex Corporation and its affiliates in a transaction that values USI at US$4.3 billion. With more than 4,400 professionals operating out of 140 local offices throughout the United States, USI delivers property and casualty, employee benefits, personal risk and retirement solutions. USI has become an industry leader by leveraging the USI ONE Advantage® and attracting best-in-class industry talent with a long history of deep and continuing investment in local communities. The investment will primarily be made through CDPQ and KKR’s core private equity partnership which includes funds from KKR’s balance sheet and from CDPQ’s pool of capital. The partnership is designed to pursue attractive investment opportunities in high quality businesses with a longer duration and a lower risk profile in order to support strong management teams and facilitate long-term strategic business building. CDPQ and KKR have a strong track-record in the financial services and insurance-related sectors and have been long-standing partners in multiple investments over the years. false false false The transaction is anticipated to close by the end of the second quarter 2017 subject to customary conditions including regulatory approvals. false false false ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2016, it held $270.7 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure and real estate. With over $30 billion of assets under management, CDPQ’s private equity team has significant expertise both as a direct investor in companies and as a partner in investment funds. From LBOs to long-term holdings in businesses of all sectors, CDPQ distinguishes itself through its flexible and collaborative approach. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages. ABOUT KKR KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co. ABOUT USI USI is a leading local and national insurance brokerage and consulting firm, delivering property and casualty, employee benefits, personal risk and retirement solutions throughout the United States. Headquartered in Valhalla, New York, USI has over $1.0 billion in revenue, employs more than 4,400 professionals and operates out of 140 local offices serving every state. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com.