. Income was down from $398 million, $1.70 per share, a . Aon PLC cleared the path for regulatory approval in Europe of its $30 billion merger with Willis Towers Watson on Wednesday, proposing the sale of a key business unit to insurance rival Arthur J . The announcement comes only a few weeks after the European Commission conditionally approved the merger, which would have brought together two of the "Big Three" global insurance brokerages. By IPE Staff9 March 2020. Using a "one firm mindset", Aon chief executive officer Greg Case will remain to head up the business, supported by Christa Davies as chief financial officer. The anticipated merger between leading insurance brokers Aon Plc and Willis Towers Watson Plc has been called off due to ongoing litigation with the U.S. Department of Justice (DOJ).Shares of AON shot up 8.2%, closing at $251.56 following the announcement, while Willis Towers Watson slipped almost 9% to close at $206.07 on July 26. Insight. The deal had a value of about $30 billion. As a result of the cancellation of the merger, Aon will pay $1bn termination fee to Willis Towers Watson. Aon AON +1.76% PLC and Willis Towers Watson PLC abandoned a more than $30 billion tie-up to create the world's largest insurance broker, deciding it wasn't worth pursuing in the face of . What this means is if you buy Willis stock and short Aon at these . Guided by a one firm mindset, the new leadership team will come together following the close of the combination to deliver new sources of value to clients . Aon plc (NYSE: AON) and Willis Towers Watson (NASDAQ: WLTW) have entered into a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately US$80 billion. The demise of the Aon/Willis Towers Watson merger could be a boon for the brokers . Aon and Willis Towers Watson shareholders approved all of the proposals necessary to complete the previously announced combination of Aon and Willis Towers Watson. In this latest announcement, Aon reaffirmed its commitment to completing the merger by highlighting some of the benefits from the pending merger including: . Source: The Seattle Times, by Ephrat Livni. Well, the reverse happened to Aon and Willis Towers Watson, which announced their $30 billion merger Monday, only to have it smothered by news of the biggest drop in the stock market since the 2008 financial crisis, amid continuing fears about the coronavirus and, for good measure, an oil price war between Russia and Saudi Arabia. Proposed $30 Billion Merger Between Aon and Willis Towers Watson Collapses Under Increased Pressure from the Department of Justice. In the face of antitrust concerns, Aon PLC announced Monday it would terminate its agreement to buy rival Willis Towers Watson PLC, raising questions over which companies . The deal had a value of about $30 billion. This also marks the end of the litigation with the U.S. Department of Justice (DOJ). On July 26, 2021, Aon PLC ("Aon") and Willis Towers Watson PLC ("WTW") announced the termination of a $30 billion proposed merger, citing an "impasse" with the Antitrust Division of the. July 26 (UPI) Aon and Willis Towers Watson on Monday called off a $30 billion deal that, had it gone through, would have resulted in the world's largest insurance broker. Because of this delay in receiving information from Aon and Willis Towers Watson, the ACCC said that it will now push-back the end-date of its review. further details in respect of the proposed combination of aon and willis towers watson are provided in the announcement published by aon on march 9, 2020 in accordance with rule 2.5 of the irish takeover rules (the " rule 2.5 announcement ") and capitalized terms used but not defined in this communication shall have the meaning given to them in Combining Aon and Willis, which rank second and third in revenue behind Marsh & McLennan Cos Inc, would have created a new leader with $20.3 billion in annual revenue, compared with $17.2 billion. . The move comes only weeks after the Department of Justice announced a lawsuit blocking the transaction. Today, the companies announced an agreement to merge their operations in an all-stock transaction with an implied combined equity value of around $80 billion, according to a press release. As defendants, Aon and Willis Towers Watson (WTW) have requested a date of August 23rd as the latest a trial begins, to allow it to be completed before that outside date is reached. Professional services firm Aon agreed to acquire rival firm Willis Towers Watson (WTW), the companies announced March 9, potentially creating a company with a combined equity value of around $80 . July 26 (Reuters) - Aon Plc (AON.N) and Willis Towers Watson Plc on Monday called off a $30 billion merger that would have created the world's largest insurance broker, saying U.S. regulators'. Aon's proposed $30 billion acquisition of Willis was scrapped in July after the U.S. Department of Justice filed a lawsuit to block the combination on antitrust grounds. January 28, 2021. Aon earned $379 million, $1.66 per fully diluted share, on revenue of $2.88 billion during the second quarter. Willis' corporate risk and broking business has already hired back 100 staff since the announcement aborting the Aon combination, and expects client retention levels to return to pre . Willis Towers Watson CEO John Haley will take on the role of executive chairman with a focus on growth and innovation strategy. Last week, Willis's stock closed 3.1% below Aon's. Using the deal price of 1.08 Aon shares per Willis share, the current prices reflect a 10.3% discount on Willis relative to the price implied by the offer, a figure often referred to as the merger arbitrage spread (arb spread). will help the companies' ongoing objective to obtain regulatory approval for the Aon - Willis Towers Watson merger announced last year, . Shareholders voted for all proposals at the firms . "Aon, Willis halt $30 billion merger over monopoly concerns, delay" by Alwyn Scott and Sohini Podder, Reuters, July 26, 2021, available at https://www . The combined company, to be named Aon, will be the premier, technology-enabled global professional services firm focused on the areas of . The. The deal was first mooted in 2019, however it was quickly . Aon, Willis Announce Leadership Team for Post-Merger Brokerages. The announcement comes as Aon's $30 billion takeover of Willis is being scrutinised by competition regulators in Europe. The European Commission (EC) is currently conducting an antitrust review of Aon's proposed $30 billion bid for Willis Towers Watson. Aon Plc said the deal was canceled on a mutual basis between the second and third largest insurance companies in . Aon has said the review is a common next step for a transaction. The merger was announced in March 2020, with the Department of Justice (DoJ) filing the lawsuit . A little more than two weeks ago, Aon and Willis Towers Watson announced their intention to merge, combining to create the world's biggest insurance broking house in a deal we reviewed following the announcement.. Aon and Willis Towers Watson (WTW), two of the world's largest investment consultants, have announced a mega merger, in an all-stock transaction with an implied combined equity value of approximately $80bn (69.4bn). Willis Towers investors will receive 1.08 Aon shares for each of their shares, with existing Aon investors owning about 63% of . Insurance brokers Aon and Willis Towers Watson have decided to terminate a US$30bn merger agreement following an announcement made today. John . The announcement was a victory for the Biden administration. Source: The Seattle Times, by Ephrat Livni. Aon's proposed $30 billion acquisition of Willis was scrapped in July after the U.S. Department of Justice filed a lawsuit to block the combination on . The late . The surprise announcement came as Aon, Willis and the DoJ prepared for a . May 2020 Issue. Aon and Willis abort $30bn merger in the teeth of DoJ opposition Aon and Willis abort $30bn merger in the teeth of DoJ opposition Adam McNestrie 26 July 2021 Aon and Willis Towers Watson have. Under the provisions of Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2013 (the "Irish Takeover Rules"), if, during an "offer period," any person is, or becomes . Aon has agreed to acquire rival Willis Towers Watson in an all-stock combination of two London-based insurance giantsa move that's the biggest merger announced or completed anywhere in the world so far in 2020, according to PitchBook data. Jul 27, 2021 12:13PM EDT The much-awaited merger between Willis Towers Watson plc WLTW and Aon plc AON has been terminated. Primarily, the new Aon will focus on the areas of risk, retirement and health, according to the merger announcement. The remark, published in the US government's legal complaint against the proposed $30bn blockbuster tie-up between Aon and Willis Towers Watson, could not have been blunter. there are reasons for the market to be rightfully concerned about the Aon-Willis merger. The deal. In one sense, there is nothing new in this announcement as the FTC has always retained the right to determine if a merger is unlawful even after a pre-merger review has been completed. Aon and Willis Towers Watson on Monday called off a $30 billion merger that would have created the world's largest insurance broker, saying U.S. regulators' objections created unacceptable . . . Aon Investor Relations Investor.Relations@aon.com +1 312 381 3310 Aon Media Contact mediainquiries@aon.com Toll-free (U.S., Canada and Puerto Rico) +1 833 751 8114 Willis Towers Watson Investor Relations Claudia Delahoz The combination, which remains subject to customary regulatory and other closing conditions, is expected to close in the first half of 2021. Aon and Willis Towers Watson today announced the future leadership team for the firm that will be effective upon the completion of the proposed combination of Aon and Willis Towers Watson. The move comes only weeks after the Department of Justice announced a lawsuit blocking the transaction. But after a frantic day on the stock market, the deal is already looking a few billion dollars smaller than it first appeared. July 26, 2021 Reprints. The move comes only. Rachel Dalton 27 July 2021 The announcement on Monday from Aon and Willis Towers Watson that they have abandoned their $30bn mega-merger has plunged the future of Willis Re into even deeper. . July 26, 2021 Two of the world's largest insurance brokers, Aon and Willis Towers Watson, announced on Monday that they had called off a planned $30 billion merger, just a little more than a month. Aon plc and Willis Towers Watson announced a definitive agreement to combine in an all-stock transaction. Insurance brokers Aon and Willis Towers Watson said on Monday they had agreed to terminate their $30 billion merger agreement and end their litigation with the U.S. Department of Justice. This also marks the end of the litigation with the U.S. Department of. The announcement that Aon and Willis would call off the deal, unveiled in March 2020 just before the pandemic upended commerce around the world, came after the Justice Department sued to block the . Aon has agreed to acquire rival Willis Towers Watson in an all-stock combination of two London-based insurance giantsa move that's the biggest merger announced or completed anywhere in the world so far in 2020, according to PitchBook data. The deal is the insurance sector's largest ever merger. Aon, Willis Towers Scrap $30 Billion Merger Amid Antitrust Impasse - WSJ The Justice Department had alleged the tie-up of insurance brokers would lead to higher prices and reduced innovation for. The combined company, to be named Aon, will focus on the areas of risk, retirement and health. Aon and Willis Towers Watson, two of the world's largest insurance brokers, have terminated their $30 billion proposed merger agreement due to a lawsuit by the U.S. Department of Justice. Summary. The deal was announced in March 2020, with Aon acquiring WTW for $30bn (21.5bn, 24.7bn). It validated the . July 26 (UPI) -- Aon and Willis Towers Watson on Monday called off a $30 billion deal that, had it gone through, would have resulted in the world's largest insurance broker. The move will also end their litigation with the U.S. Department of Justice. Aon has unveiled its new executive committee, superseding its prior announcement of the group that would run the combined Aon-Willis, as it continues with rapid moves to put the terminated deal behind it. The committee will be responsible for seeing through the broker's four-pronged Aon United Blueprint, which aims to "create new sources of . NEWS. Well, the reverse happened to Aon and Willis Towers Watson, which announced their $30 billion merger Monday, only to have it smothered by news of the biggest drop in the stock market since the 2008 financial crisis, amid continuing fears about the coronavirus and, for good measure, an oil price war between Russia and Saudi Arabia. He added . . The announcement was a victory for the Biden administration. A Closer Look at AON Stock. Should the merger proceed as outlined, it would dwarf the $5.6bn Marsh paid to acquire JLT in April 2019 and create the world's largest broking firm (having stood as #2 and . Aon, Willis $30B merger canceled after Justice Department suit July 26 (UPI) Aon and Willis Towers Watson on Monday called off a $30 billion deal that, had it gone through, would have resulted in the world's largest insurance broker. Two of the world's largest insurance brokers, Aon and Willis Towers Watson, announced Monday that they had called off a planned $30 billion merger, just a little more than a month after the Department of Justice sued to block the union. The merger of Aon with Willis Towers Watson is on course to close in the first half of 2021, said John Haley, Willis Towers Watson's chief executive. Meanwhile, Willis Tower Watson shares went down . The announcements and actions of the regulators from the brokers' key . Attorney General Merrick B. Garland today released the following statement on Aon plc's and Willis Towers Watson's announcement that the firms agreed to terminate their planned $30 billion merger. The merger will combine the industry's second and third largest brokers, creating a new industry-leading company worth almost $80bn. Willis sinks 10% on the news as remaining arbitrageurs bow out. Two of the world's largest insurance brokers, Aon and Willis Towers Watson, announced Monday that they had called off a planned $30 billion merger, just a little more than a month after the Department of Justice sued to block the union. This news follows several months of speculation and gives Willis Towers Watson an implied valuation of $30bn, a c. 16% premium on its closing stock market price last week. While shares . Aon and Willis had agreed to sell $3.6bn worth of assets to their rival Gallagher to smooth that aspect of the deal. Willis Towers Watson has 45,000 employees serving clients in more than 140 countries and markets. Deal with Aon abandoned after it's clear it would not be approved by the US Department of Justice. By Alwyn Scott and Sohini Podder. New York , July 27, 2021 - Moody's Investors Service has affirmed the Baa2 senior unsecured debt and Prime-2 commercial paper ratings of subsidiaries of Aon plc (NYSE: AON) following the joint announcement that Aon and Willis Towers Watson plc (NASDAQ: WLTW) have agreed to terminate their business combination agreement and end litigation with the US Department of Justice related to the . The much-awaited merger between Willis Towers Watson plc WLTW and Aon plc AON has been terminated. . Deal Watch: For Aon, Willis Towers Watson and 6 Law Firms, a $30B Merger That Wasn't. The insurance mega-merger is off a month after the U.S. Department of Justice filed suit to block it. 3 Statements in this announcement that the combination of Aon and Willis Towers Watson is accretive to adjusted EPS should not be interpreted to mean that Aon earnings per share in the current or . While Aon and Willis Towers Watson were trying for many months to land their merger, their competitors were able lure away some of their producer talent - capitalizing on the "distraction and uncertainty" that existed for both brokers. The Australian Competition & Consumer Commission (ACCC) has taken aim at the merger of financial services giants Aon and Willis Towers Watson (WTW). Aon will maintain operating headquarters in London. The deal, valued at $3.57 billion. Originally the end-date had been May 27th 2021, but this will now push-back to an as yet unannounced date, with the ACCC saying it will announce a proposed decision date in due course. Aon and Willis officially. But under the deal, in which Aon would acquire Willis Towers . As a result of the Aon-Willis agreement collapsing, Gallagher said later on . But after a frantic day on the stock market, the deal is already looking a few billion dollars smaller than it first appeared. As a result of the decision to drop the merger, Aon will pay a $1 billion (864 million) break fee to Willis. Goldman's team for the merger between Aon and Willis Towers Watson was led by Michael Carr, Victor Lopez-Balboa, Ben Wallace and Todd Byers. The Aon-Willis Tower Watson merger, which was first announced in March 2020, would have led to the creation of the biggest insurance brokerage in the world, with over 95,000 employees. The deal would create a company that would overtake Marsh and McLennan. Now, the Aon-Willis arb spread is currently the second-largest in the sample of 16 pending transactions involving target companies with at least $5bn market value (see table below). Aon shares opened the Monday trading session on the New York Stock Exchange up 6% after the announcement. The probe started in October 2020, but now the Australian competition watchdog has expressed concerns . Aon and Willis Towers Watson have confirmed its new leadership team structure following the merger of the two businesses, which is expected to conclude in the first half of 2021. (Reuters) -Aon Plc and Willis Towers Watson Plc on Monday called off a $30 billion merger that would have created the world's largest insurance broker, saying U.S . As laid out in the business combination agreement, Aon will pay Willis a $1 billion termination fee.. Aon and Willis Towers Watson are currently the second- and third-biggest insurance brokers in the world, behind Marsh & McLennan. LONDON, U.K. - Aon plc (NYSE:AON) and Willis Towers Watson (NASDAQ: WLTW) today announced a definitive agreement to combine in an all-stock transaction (the "Proposed Combination") with an implied combined equity value of approximately $80 billion. In the the termination announcement, Willis CEO . Willis Towers was itself formed in 2016 in an $8.9 billion merger. Aon will maintain operating headquarters in London. Aon is to acquire Willis Towers Watson in an all stock deal worth nearly $30bn. Consultants Aon and Willis Towers Watson received shareholder approval for their merger, set for completion in the first half of 2021. Before the deal was announced in March 2020, CEO John Haley had been due to retire at the start of this year. The combined company, to be named Aon, will be a premier, technology-enabled global professional services firm focused on the areas of risk, retirement and health, the firms say. Willis Towers Watson PLC needs a new strategy, new personnel and possibly a new CEO after its planned $30.55 billion merger with Aon plc fell apart. However, as is often the case in such merger transactions - especially one of this size - a lot can happen between the timing of a deal's announcement and that of the merger . In the the termination announcement, Willis CEO . As laid out in the business combination agreement, Aon will pay Willis a $1 billion termination fee.. The Aon and Willis Towers Watson deal had an implied combined equity value of approximately $80 billion at the announcement date and a transaction value of around $30 billion. $1 billion break up fee . In a statement, Greg Case, CEO of Aon, said that the company will pay a US$1bn termination fee to Willis Towers Watson. An announcement by Aon and Willis Towers Watson today said the organisations had mutually agreed to terminate the merger to end the DoJ probe. 4 "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 . In anticipation of their proposed merger receiving final approval, insurance brokers Aon and Willis Towers Watson announced the future leadership team for the firm that will be effective following the close of the merger, which they expect to occur before the end . "In March of last year when we first announced [the merger], we had said we expected to close in the first half of 2021,," said Haley during a Feb. 9 analysts' call to announce the broker .