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Exclusive-Aon's $30 billion Willis deal set to win EU approval - sources

Stock MarketsApr 28, 2021 16:00
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© Reuters. FILE PHOTO: FILE PHOTO: An office building with the Aon logo is seen in Sydney

By Foo Yun Chee

BRUSSELS (Reuters) -Insurance broker Aon (NYSE:AON) is set to gain conditional EU antitrust approval for its $30 billion bid for Willis Towers Watson (NASDAQ:WLTW) without having to offer more concessions, people familiar with the matter said. Aon, which clinched the deal a year ago to create the world's largest insurance broker ahead of Marsh & McLennan Companies Inc (NYSE:MMC), offered concessions to the European Commission earlier this month. Following feedback from rivals and customers last week, the EU competition enforcer has asked for some tweaks but is unlikely to ask for more concessions, the people said. Aon could have faced a charge sheet called a statement of objections which sets out EU concerns if market feedback had been negative and if it had then refused to offer more concessions. This is not the case now, the people said. The concessions package includes selling a swathe of Willis assets, including its reinsurance arm and its German retirement benefits and consulting business, people with direct knowledge of the matter have told Reuters.

The concessions also include selling Willis' insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands.

Willis' entire property and casualty business portfolio servicing large multinationals in those four countries and other European assets to service these clients, as well as its financial and professional lines, will also be sold.

The Commission and Aon declined to comment.

Exclusive-Aon's $30 billion Willis deal set to win EU approval - sources
 

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Ibrahim Abdullahi
Ibrahim Abdullahi Apr 28, 2021 15:44
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