LONDON—Reinsurance and risk advisory firm Willis Group Holdings
and professional services group Towers Watson on Tuesday said they
had agreed to an all-stock merger that values the combined company
at $18 billion.
Under the deal, which has been approved by both boards, Towers
Watson shareholders will get 2.6490 Willis shares for each share
held as well as a one-time cash dividend of $4.87 a share.
Willis Group shareholders will own 50.1% of the combined group
and Towers Watson shareholders will own the rest.
The combined company will have 39,000 employees in more than 120
countries and revenue of about $8.2 billion.
Write to Ian Walker at ian.walker@wsj.com
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