Insurance brokerage firm Aon Corporation (Aon) is set to buy Human Resource consulting and outsourcing company Hewitt Associates, Inc. to the tune of 4.9 billion in cash and stocks deal.
Aon, the world’s largest insurance brokerage said it intends to integrate Hewitt with its existing consulting and outsourcing operations to gain a firmer foothold in the human resource consulting and outsourcing industry. After the merger, Aon plans to operate the business under the newly created Aon Hewitt brand.
According to Aon Chief Executive Officer Greg Case, “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.”
Hewitt will merge with Aon for $50 per share, consisting of 50% cash and 50% Aon stock, based on the stock market’s July 9, 2010 closing price on the Aon stock.