WTW
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Aon’s acquisition of Willis is geared to deliver growth through innovation, as it downplayed scale and financial benefits. -
Acquirer and target fall after news of the $29.9bn takeover agreement as US stock trading is briefly suspended.
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The combined entity would become the largest broker, with $20.1bn of revenues.
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Combined reinsurance revenues would reach $2.3bn, outstripping Guy Carpenter.
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The acquirer will pay a 16.2 percent premium, with Willis chief Haley becoming executive chairman at the combined $80bn broker.
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A second takeover run by Greg Case’s broker would come as the target contemplates its CEO succession.
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Daniel Leveridge, Rebecca Eagles and George Saunders have joined the broker to work primarily on business emanating from North America.
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Coronavirus and the contingency market, the future of Axa XL, and more.
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The takeover could win Aon business that was lost after MMC’s purchase of JLT and cut Willis’ expenses.
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New ownership could clear channel conflict, end internal competition and allow Willis to book a gain on disposal.
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Goldman Sachs has been retained by the global broker to advise on the divestiture.
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The broker has made six global aviation hires as the battle for staff in the market continues.
