Both Insurance brokers agree to terminate their merger plan
Insurance Broker AON PLC and Wills Towers Watson PLC announced on Monday that they had agreed to terminate their $30 Billion merger agreement and end their litigation with the U.S Department of Justice.
The deal would have put London-Headquartered ahead of the world’s largest insurance broker Marsh & McLennan Companies Inc.
“Despite regulatory momentum around the world, including the recent approval of our combination by the European Commission, we reached an impasse with the U.S Department of Justice” AON Chief Executive Officer Greg Case said.
AON will pay $1 Billion as termination fee to Wills, it said.
The proposed combination was first announced on March 9, 2020.
(With inputs Reuters)