Shareholders have voted in favour of advisory and insurance giants Aon and Willis Towers Watson consolidating, with the merger expected to close in the first half of next year.
The two multinationals confirmed that their respective shareholders had voted for all proposals to complete the merger at their extraordinary general meetings and a special meeting of Willis Towers Watson shareholders ordered by the High Court of Ireland.
Aon and Willis Towers Watson indicated they would be joining forces in March, with an implied combined equity value of around $121 billion.
The combined company will operate under the Aon name, becoming a global firm focused on risk, retirement and health.
Upon closing the combination, Willis Towers Watson (WTW) shareholders will receive 1.08 Aon shares in exchange for their WTW shares.
Aon chief executive Greg Case said the merger has only become more important through the COVID-19 pandemic, as the companies aim to provide more relevant products for clients.
“The events of 2020 are illustrative to the exact type of transformative long-tail risk our new organisation will be best positioned to address, creating significant value for clients, colleagues and shareholders,” Mr Case said.
Willis Towers Watson CEO John Haley said the shareholder backing marked an important step towards completing the transaction.
As indicated in March, Mr Haley will become the executive chairman of the new company, Mr Case and Aon chief financial officer Christa Davies will retain their current roles.
The board of directors will comprise of members from both Aon and Willis Towers Watson.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
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