Shareholders of insurance brokers Aon and Willis Towers Watson (WTW) have approved all of the proposals necessary to complete their previously announced combination, the firms announced.
Aon intends to combine with Willis in an all-stock deal valued at about US$30 billion that is expected to be completed in the first half of 2021, subject to regulatory approvals. The deal has an implied combined equity value of approximately US$80 billion.
Under the terms of the proposed deal, Aon’s shareholders will own 63% and WTW shareholders will own 37% of the combined company. Willis Towers Watson shareholders will receive 1.08 Aon shares in exchange for each Willis Towers Watson share they held immediately prior to the closing.
Aon and Willis are the second- and third-largest insurance brokers by revenue. If the deal is approved, the combined company, named Aon, will have more than US$20 billion in revenue. Aon reported US$11 billion in revenue with US$2.2 billion net income for 2019 compared to US$9 billion revenue and US$1.4 billion net income for Willis Towers Watson.
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