Aon wins EU nod for $30 billion Willis Towers deal

In the Central Business District of Sydney, Australia, on June 3, 2020, an office building with the Aon brand is seen amid the loosening of the coronavirus illness (COVID-19) restrictions. Loren Elliott/REUTERS/File Photo (Reuters) – BRUSSELS, July 9 (Reuters) – Aon’s (AON.N) $30 billion bid for Willis Towers Watson was approved with conditions by EU antitrust regulators on Friday after Aon promised to transfer important sections of Willis’ business to rival Arthur J. Gallagher (AJG.N) in exchange for the EU approval. The deal will put Aon ahead of Marsh & McLennan Companies Inc (MMC.N), the world’s largest insurance broker. It comes as insurers grapple with mounting claims and new concerns posed by the COVID-19 pandemic and climate change. The asset sales, according to the European Commission, will make Arthur J. Gallagher a genuine competitor to the combined business. “The pledges will expand Gallagher’s reinsurance and commercial risk brokerage capabilities, as well as its foothold in the European Economic Area,” stated the EU competition watchdog. On April 28, Reuters reported exclusively that the Commission would give the deal provisional clearance. Foo Yun Chee’s reporting can be found here. The Thomson Reuters Trust Principles are our standards./nRead More