Deals of the day- Mergers and acquisitions

30 Jun 2015 | Author: | No comments yet »

Willis Group, Towers Watson Agree to Merge.

LONDON — The insurance broker and risk management advisory firm Willis Group Holdings said on Tuesday that it had agreed to an $18 billion all-share merger with the professional services firm Towers Watson.Under the deal, which has been approved by both boards, Towers Watson shareholders will get 2.6490 Willis shares for each share held as well as a one-time cash dividend of $4.87 a share.

The deal would create a professional services, risk management and insurance brokerage firm with more than $8 billion in annual revenue and about 39,000 employees in more than 120 countries, the companies said. It is expected to close by the end of the year. “This is a tremendous combination of two highly compatible companies with complementary strategic priorities, product and service offerings, and geographies that we expect to deliver significant value for both sets of shareholders,” John Haley, the chairman and chief executive of Towers Watson, said in a news release. “We see numerous opportunities to enhance our growth profile.” Mr. McCann, the Willis chairman, will serve as chairman of the combined company and Dominic Casserley, the Willis chief executive, will serve as president and deputy chief executive. The Sears Tower in Chicago, one of the tallest buildings in the world, was renamed the Willis Tower in 2009 after the company signed a long-term lease for space in the building. Perella Weinberg Partners and the law firm Weil, Gotshal & Manges advised Willis, while Towers Watson was advised by Bank of America Merrill Lynch and the law firm Gibson, Dunn & Crutcher.

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