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    AON   IE00BLP1HW54

AON PLC

(AON)
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Aon, Willis Towers Watson Scrap Roughly $30 Billion Deal After Impasse With Justice Department

07/26/2021 | 06:29am EDT

By Dave Sebastian

Aon PLC and Willis Towers Watson PLC said they have agreed to terminate their roughly $30 billion deal and end litigation with the U.S. Department of Justice, which said the combination would eliminate competition in several different U.S. product markets.

"We reached an impasse with the U.S. Department of Justice," Aon CEO Greg Case said Monday. "The DOJ position overlooks that our complementary businesses operate across broad, competitive areas of the economy."

"The inability to secure an expedited resolution of the litigation brought us to this point," Mr. Case said.

Aon said it would pay a $1 billion termination fee to Willis Towers Watson.

The European Commission earlier this month cleared the proposed acquisition of Willis Towers Watson by Aon, its rival, subject to meeting certain commitments offered by Aon over potential competition breaches. The European Union's antitrust authority said the commitments include the divestment of central units of Willis Towers Watson to brokerage Arthur J. Gallagher, which would improve the brokerage's footprint in the European Economic Area.

Aon and Willis Towers Watson announced their deal in March 2020. The brokerages help companies buy insurance and advise them on risk management. Both companies are also major consultants to businesses on health and other benefit packages for their employees.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

07-26-21 0829ET

Stocks mentioned in the article
ChangeLast1st jan.
AON PLC -1.71% 294.19 Delayed Quote.41.61%
WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY -0.99% 231.48 Delayed Quote.10.99%
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Analyst Recommendations on AON PLC
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Financials (USD)
Sales 2021 12 135 M - -
Net income 2021 1 851 M - -
Net Debt 2021 7 440 M - -
P/E ratio 2021 35,0x
Yield 2021 0,66%
Capitalization 67 537 M 67 537 M -
EV / Sales 2021 6,18x
EV / Sales 2022 5,86x
Nbr of Employees 50 000
Free-Float 99,0%
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Technical analysis trends AON PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 299,17 $
Average target price 278,08 $
Spread / Average Target -7,05%
EPS Revisions
Managers and Directors
Gregory C. Case Chief Executive Officer & Executive Director
Eric J. Andersen President
Christa Davies Chief Financial Officer & EVP-Global Finance
Lester B. Knight Independent Non-Executive Chairman
James Derrick Platt Chief Operating Officer
Sector and Competitors
1st jan.Capi. (M$)
AON PLC41.61%67 537
ARTHUR J. GALLAGHER & CO.24.52%31 848
WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY10.99%30 174
BROWN & BROWN, INC.22.55%16 361
STEADFAST GROUP LIMITED22.31%3 391
GOOSEHEAD INSURANCE, INC28.53%3 109