KKR & Co. and Canada's Caisse de depot et placement du Quebec (CDPQ) announced Friday an agreement to jointly acquire U.S. insurance brokerage USI Insurance Services from Onex Corp. in a deal that would value USI at $4.3 billion. The acquisition will be made primarily through KKR and CDPQ's private-equity partnership. The deal is expected to close by the end of June. KKR's stock and Onex's U.S.-listed shares were still inactive in premarket trade. Over the past three months, KKR's stock has climbed 10%, Onex shares have tacked on 3.4% and the S&P 500 has gained 5.5%.
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