USI Insurance Services said on Monday that existing shareholder KKR plans to make a new equity investment of more than $1 billion to become the largest stakeholder.

Private equity firm KKR and USI will purchase shares of USI held by pension fund Caisse de dépôt et placement du Québec (CDPQ) and certain other investors, as part of the agreement.

More than 50% of the USI shares held by CDPQ will be purchased as part of the transaction.

CDPQ and KKR bought USI in 2017 from investment manager Onex for $4.3 billion, including debt.

USI provides insurance and employee benefit-related products to U.S. companies.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shounak Dasgupta)