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GS Capital Partners to acquire USI Holdings Corporation in $1.4bn transaction16/01/2007. Source: AltAssets. 
 GS Capital Partners has agreed to acquire USI Holdings Corporation in a transaction valued at approximately $1.4bn, including repayment of USI's existing debt obligations.
USI is a distributor of insurance and financial products and services to businesses throughout the US.
Under the terms of the agreement, USI stockholders will receive $17 in cash for each share of USI common stock they hold, representing a premium of 20.5 per cent over the average closing share price for the 30 calendar days prior to 24 October 2006, the day USI announced that it had formed a special committee in response to an indication of interest received from a private equity firm in acquiring all of USI's outstanding common stock, according to a statement.
USI's board of directors has approved the transaction and will recommend that USI's stockholders approve the proposed merger.
Henry Cornell, a managing director at GS Capital Partners, said, 'Goldman Sachs has a long and successful record of investing in the financial services industry. We know that the success of our investment will be dependent on the talents and commitments of USI's employees. We look forward to investing in the continued growth of USI, in this next chapter.'
GS Capital Partners is part of Goldman Sachs's Principal Investment Area in the Merchant Banking Division.
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