Deal is expected to generate nearly a billion dollars of synergies

Global brokers Aon and Willis Towers Watson are to combine in an all-share deal worth $29.9bn (£22.5bn), it was announced today.

The combined equity value will be $80bn, Aon said, adding that the deal is expected to create $800m in pre-tax synergies and generate $10bn in shareholder value, Aon said.


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WTW chief executive John Haley said: “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.

“This transaction accelerates that journey by providing our combined teams the opportunity to drive innovation more quickly and deliver more value.”

Greg Case, Aon chief executive, added: “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.

“This combination will create a more innovative platform capable of delivering better outcomes for all stakeholders, including clients, colleagues, partners and investors.” 

The transaction is subject to the approval of Aon Ireland and Willis Towers Watson shareholders, as well as other customary closing conditions. The deal further needs regulatory approval. 

The firms predict the transaction to close in the first half of 2021.

A potential M&A was explored last year, but Aon pulled out citing regulatory issues.

This acquisition is the largest of its kind, following Marsh’s purchase of JLT last April for $5.6bn.