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Combination of Aon and Willis Towers Watson


Announcement overview

On March 9, 2020, Aon and Willis Towers Watson announced they have agreed to combine to accelerate innovation on behalf of clients.

  • The combined company, to be named Aon, will maintain an operating headquarters in London, United Kingdom
  • Following the close of the transaction, ~63% of the combined company will be owned by Aon shareholders and ~37% will be owned by Willis Towers Watson shareholders
  • Each Willis Towers Watson share will be exchanged for 1.08 shares of Aon at a fixed exchange ratio
  • Total consideration of $231.99 per Willis Towers Watson share based on Aon’s closing stock price on March 6, 2020. Implies a premium of 16.2% to Willis Towers Watson’s closing share price on March 6, 2020
  • The transaction will be effected by an Irish scheme of arrangement
  • Willis Towers Watson CEO, John Haley, will take on the role of Executive Chairman with a focus on growth and innovation strategy
  • The combined firm will be led by Greg Case, as Chief Executive Officer, and Christa Davies, as Chief Financial Officer
  • The Board of Directors will be comprised of proportional members from Aon’s and Willis Towers Watson’s current directors
  • Closing expected in the first half of 2021, subject to shareholder and regulatory approvals and customary closing conditions

Facts and data

~95k
colleagues globally accelerating innovation to benefit clients
20billion
total revenue, based on 2019 reported financials
  • Operating company headquarters in London
  • Parent company domiciled in Ireland following the reorganization of Aon, expected prior to the transaction



Strategic benefits

The Willis Towers Watson promise


We saw a clear opportunity to distinguish ourselves as an
integrated global advisory, broking and solutions company.

Our focus was on:

  • Innovation
  • Market-leading analytics
  • Bringing new capabilities to market

Our clarified strategy

A few years after Willis Towers Watson was formed, we validated our vision to focus on people, risk and capital issues as an integrated global company and clarified three pillars of our strategy:

Driving
growth in our current core businesses
Delivering
a winning client experience – going beyond the basics, meeting clients’ changing needs, ensuring exceptional relationship management
Investing
both organically and inorganically to bolster our existing capabilities and in innovation

Getting there faster through the proposed Aon combination

Our proposed combination with Aon will make us better and faster.

The proposed combination is highly complementary and immediately improves our ability to better serve existing client need, making us more capable in our core businesses with:

  • A broader, more diverse set of colleagues with varied experience and shared values
  • More comprehensive solutions and services
  • Better combined services in each geography
  • Capabilities to match every client size and industry sector

Our combined capabilities in data and analytics accelerate innovation to better address emerging needs with:

  • Sophisticated analytic capabilities
  • Complementary digital platforms across solutions

Together, we can more capably meet client’s existing needs and innovate more effectively to address emerging needs.