Aon Plc said on Monday it would buy Willis Towers Watson Plc for nearly $30 bill...
) for nearly $30 billion, in an all-stock deal which will make it the world’s biggest insurance broker and give it more pricing power, but also attract regulatory scrutiny.
Aon had scrapped plans last year to pursue a merger with Willis, a day after media reports forced it to reveal it was in the early stages of considering an all-stock offer for the Irish-domiciled company. The merger agreement came right after a 12-month restriction under Irish rules for revisiting the deal expired.
When asked about the timing of the deal, Aon Chief Executive Officer Greg Case told Reuters: “This is the time we move,” noting that he spoke to 250 senior colleagues on Monday who were “energized” by the deal.Willis shareholders will receive 1.08 Aon shares for each of their shares. The offer represents a premium of 16% to Willis’ closing price on Friday.
Aon and Willis put together insurance contracts for clients that involve a number of insurance providers, for anything from airlines to large sporting events.
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