Willis to merge with Towers Watson
Posté le 3 juil. 2015
All-stock merger values combined company at $18 billion
Shareholders of Willis will take 50.1% of the combined company, and owners of Towers Watson will get 49.9%.
The combined company, Willis Towers Watson, will be worth $18 billion, with annual revenues of more than $8 billion. It will focus on wooing corporate clients with a broader array of services from risk management and insurance brokering to pension advice.
John Haley, chairman and CEO of Towers Watson will remain CEO in the new company. Dominic Casserley, CEO of Willis, will be the new president and deputy CEO.
In a press release, Dominic Casserley said that “We will advise over 80% of the world’s top-1000 companies, as well as having a significant presence with mid-market and smaller employers around the world.” John Haley added that the new company will also look forward to expanding healthcare offerings in Europe and Asia, where supplementary insurance was becoming more attractive to employers, via Willis’s existing network of brokers.
Towers Watson shares dropped 8.8% on Tuesday since the investors realized that they were getting a package of shares and a special cash dividend that amounted to $125.13 per share, lower than the $137.98 closing price on Monday. On the other hand, shares of Willis rose 3.3%.
Image: Scott Olson-Getty
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