GS Capital Partners' $1.4 billion deal to purchase the USI Holdings Corp. brokerage reflects the private equity market's growing interest in the insurance industry in general, and the brokerage side in particular, and might harbinger more deals before year's end, analysts say.
Nearly three months after announcing it was exploring the possibility of going private, the Briarcliff Manor, N.Y.-based insurance broker entered into a definitive purchase agreement with GS Capital, a private equity affiliate of Goldman, Sachs & Company.
USI stockholders will receive $17 in cash for each share of USI common stock. Under the agreement, GS Capital would also repay approximately $300 million of USI's existing debt obligations.
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