85262942_123RF Copyright : Suntipong Chormali

Aon and Willis Towers Watson are set to join forces in an all-stock deal for a combined implied value of about $80 billion.

The new company will be called Aon and will be headquartered in London. John Haley, Willis Towers Watson’s chief executive officer, will be the new firm’s executive chairman, while Greg Case, CEO of Aon, and Christa Davis, its chief financial officer, will take on the primary leadership roles.

“The combination of Willis Towers Watson and Aon is a natural next step in our journey to better serve our clients in the areas of people, risk and capital,” said Haley, in a release. “This transaction accelerates that journey by providing our combined teams the opportunity to drive innovation more quickly and deliver more value.”

Read: SSQ Insurance, la Capitale combining operations

Willis Towers Watson shareholders will receive 1.08 shares of Aon through the deal, representing a 16.2 per cent premium to its closing share price on March 6, 2020.

“This combination will create a more innovative platform capable of delivering better outcomes for all stakeholders, including clients, colleagues, partners and investors,” said Case. “Our world-class expertise across risk, retirement and health will accelerate the creation of new solutions that more efficiently match capital with unmet client needs in high-growth areas like cyber, delegated investments, intellectual property, climate risk and health solutions.”

Read: What benefits and pension topics are top of mind for consultants?

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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Matt Kerbel:

Missed opportunity! They should call the new firm Watson-Willis Hewitt Aon Towers, or W-WHAT??

Tuesday, March 10 at 10:51 am | Reply

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