Aon Corp. said it has signed a definitive agreement to purchase the human resources consulting firm Hewitt Associates for $4.9 billion in cash and stock.
Aon to acquire Hewitt in $4.9 billion deal
Hewitt has a significant healthcare practice, advising payers and providers on healthcare reform, wellness initiatives and best practices. The Lincolnshire, Ill.-based company has more than 3,000 clients with 23,000 employees in 30 countries. Chicago-based Aon Corp. is a leading risk manager and insurance brokerage firm, with 36,000 employees worldwide. Aon said it will integrate Hewitt with its own consulting and outsourcing operations under a newly created Aon Hewitt brand.
“As we continue to grow our business, this merger will give us a broader portfolio of innovative products and services focused on what we believe are two of the most important topics in the global economy today—risk and people,” Aon CEO Greg Case said in a written statement.
Russ Fradin, chairman and CEO of Hewitt, will serve as chairman and CEO of the newly created Aon Hewitt, reporting to Case, the companies said.
The transaction is expected to close by mid-November, and is subject to customary regulatory and shareholder approvals.
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