By Lisa Kerner
Charlotte, N.C., Jan. 17 - USI Holdings Corp. entered into a definitive merger agreement to be acquired by GS Capital Partners, a private equity affiliate of Goldman, Sachs & Co., in a transaction valued at about $1.4 billion, including debt.
USI's board of directors is recommending its stockholders approve the proposed merger, which includes a termination fee of $27.5 million, according to a company news release.
The agreement calls for USI stockholders to receive $17.00 in cash for each share of USI common stock.
The transaction is expected to close in the second quarter of 2007.
USI is a Briarcliff Manor, N.Y., distributor of insurance and financial products and services to U.S. businesses.
Goldman Sachs is an investment banking firms based in New York City.
| Acquirer: | GS Capital Partners
|
| Target: | USI Holdings Corp.
|
| Payment per share: | $17.00
|
| Termination Fee: | $27.5 million
|
| Announcement date: | Jan. 16
|
| Expected closing: | Second quarter of 2007
|
| Stock price for target: | Nasdaq: USIH; $16.55 on Jan. 16
|
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