The UK High Court granted approval on Friday and all JLT shares have now been bought
Marsh owner Marsh & Mclennan Companies (MMC) has completed its $5.6bn acquisition of JLT.
The UK High Court on Friday sanctioned the deal, after regulatory and competition approvals were granted last week.
A JLT filing on the London Stock Exchange said that following the court order to the Registrar of Companies, that all share capital issued is now owned by MMC.
The document confirmed JLT shareholders received £19.15 in cash for each share held.
Dealings in JLT shares were suspended from 7.30am this morning, and applications have been made to delist JLT shares from the official list of the UK Listing Authority. This is expected to take effect from 8am tomorrow.
MMC president and chief executive Dan Glaser said: “Today marks the beginning of a new era with Marsh & McLennan and JLT coming together. This is a combination of strength and strength, and the primary focus is growth – in talent, capabilities, revenue and earnings.”
In a release, MMC said that many of JLT’s top executives have been named into leadership positions at MMC, Marsh, Guy Carpenter and Mercer. This includes JLT chief executive Dominic Burke, who has joined MMC as vice chairman and as a member of the executive committee.
More than 10,000 JLT staff are set to join MMC and it’s broking firms, according to the release, although JLT’s former commercial director James Twining has said he believes JLT’s best people will leave.
Glaser was more optimistic, with the release claiming the combined company now provides “advice and solutions for more than $100 billion of annual property/casualty insurance and reinsurance premiums placed globally.”
Glaser added: “Our aspiration is to shape our industries and be the employer of choice.”
Marsh last week announced the terms of two bonds it is offering worth €1.1bn to finance the deal. The firm had already issued $5bn in senior notes in January to fund the acquisition, and this week issued another $250m under the same terms as one of those bonds.
Since the announcement in September that a deal had been reached for Marsh to acquire JLT for $5.6bn, the two firms have been preparing for the integration process.
Marsh began combining the two brokers’ specialty businesses in November and senior figures have already moved between the firms.