Aon and Willis Towers Watson will combine “into a technology-enabled global platform” after the two reached an all-stock acquisition deal on Monday.
Worth around $30bn (£23bn, €26.6bn), it is expected to generate $800m of “annual pre-tax synergy savings”.
According to Bloomberg, it is the largest-ever such deal for the industry and comes almost a year after earlier talks between the two giants broke down.
Who will do what?
According to statements on their respective website, Aon shareholders will own around 63% of the combined entity, with Willis Towers Watson shareholders taking the remaining 37%.
The combined firm will retain the Aon brand and maintain operational headquarters in London.
It will be led by Aon chief executive Greg Case and Aon chief financial officer Christa Davies, with John Haley, chief executive of Willis Towers Watson, taking on the role of executive chairman.
There will be proportional representation on the combined board.
The deal is expected to close in the first half of 2021.
