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March 9, 2020, 7:30 a.m. EDT

Aon to buy Willis Towers Watson in all-stock deal

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By Steve Goldstein

Aon /zigman2/quotes/203448336/composite AON -1.01% said it's buying insurance broker Willis Towers Watson /zigman2/quotes/202694274/composite WLTW -1.10% in an all-stock deal the firms say gives an implied combined equity value of approximately $80 billion. Terms call for each Willis Tower Watson share to be exchanged for 1.08 Aon shares in a deal that will give Aon shareholders 63% of the combined firm. Based on Aon's March 6 close, the offer values each Willis Towers Watson share at $231.99, a 16% premium. The companies expect $800 million per year in pre-tax cost synergies in the third year.

/zigman2/quotes/203448336/composite
US : U.S.: NYSE
$ 231.15
-2.35 -1.01%
Volume: 1.87M
April 22, 2021 4:05p
P/E Ratio
27.38
Dividend Yield
0.80%
Market Cap
$52.77 billion
Rev. per Employee
$221,300
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/zigman2/quotes/202694274/composite
US : U.S.: Nasdaq
$ 233.15
-2.59 -1.10%
Volume: 702,301
April 22, 2021 4:00p
P/E Ratio
30.43
Dividend Yield
1.22%
Market Cap
$30.40 billion
Rev. per Employee
$203,232
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