（2020年3月10日，/HRoot.com/）英国时间2020年3月9日，怡安（Aon）和韦莱韬悦（Willis Towers Watson）宣布以全股票交易方式合并，合并后的股权价值约为800亿美元。
韦莱韬悦首席执行官John Haley表示：“ 韦莱韬悦和怡安的合并是我们在人力、风险和资本领域更好地为客户提供服务的必经之路。这项交易为我们合并后的团队提供了创造更多价值的机会，从而加快了推动创新的进程。”
怡安首席执行官Greg Case表示：“此次合并将创造一个更具创新性的平台，能够为所有利益相关者，包括客户、同事、合作伙伴和投资者提供更好的服务。我们在风险管控、退休和健康管理方面的世界级专业知识将加速创建新的解决方案，从而更有效地将资金与网络、委托投资、知识产权、气候风险和健康解决方案等高增长领域的未满足客户需求进行匹配。”
战略依据
将两个高度互补的业务合并到一个技术支持的全球平台中，该平台将更具相关性，并更能满足客户需求。
提供机会，以扩大和进一步加快执行怡安联合韦莱韬悦的发展战略。
在完全实现8亿美元的预期税前协同效应后，预计将推动怡安汽车调整后的EPS 的第一年利润增长，自由现金流将增长10％以上。
持续致力于中位数或更高的有机营收增长以及两位数的自由现金流增长的长期财务目标。
强有力的资产负债表对基于投资资本回报的纪律资本管理方法的承诺。
结构与管理
合并后的公司将被命名为怡安，该公司将成为专注于风险、退休和健康领域的一流的、以技术支持的全球专业服务公司。
怡安将保持其在英国伦敦的运营总部不变。John Haley将担任执行董事长一职，专注于增长和创新战略。合并后的公司将由Greg Case和怡安首席财务官Christa Davies领导，并打造一支经验丰富且久经考验的领导团队，以体现两个组织的互补优势和能力。董事会将由怡安和韦莱韬悦的现任董事组成。
交易明细
根据两家公司董事会一致通过的协议条款，每位韦莱韬悦的普通股股东将获得1.08股怡安普通股，而怡安股东将继续拥有与合并前相同数量的合并公司普通股。完成合并后，现有的怡安股东将拥有大约63%的股权，现有的韦莱韬悦股东将在完全稀释的基础上拥有大约37%的股权。
怡安预计，此次交易将在合并的第三个完整年度中实现年度税前协同效应和8亿美元的其他成本削减，从而使该公司能够继续在创新和增长方面进行大量投资。预期由于互补功能而产生的潜在营收协同效应未包括在协同效应估计中。潜在的协同效应和其他成本降低的主要如下：
约73％来自业务和总部支持职能的合并，包括利用合并后集团中怡安商业服务运营平台的功能；
约27％来自与技术、房地产和第三方合同相关的基础设施整合。
双方预计，该交易将于2021年上半年完成。
Aon to Combine with Willis Towers Watson To Accelerate Innovation on Behalf of Clients
(Mar.10, 2020, /prnewswire.com/)TAon plc (NYSE:AON) and Willis Towers Watson (NASDAQ: WLTW) today announced a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately $80 billion.
"The combination of Willis Towers Watson and Aon is a natural next step in our journey to better serve our clients in the areas of people, risk and capital," said Willis Towers Watson CEO John Haley. "This transaction accelerates that journey by providing our combined teams the opportunity to drive innovation more quickly and deliver more value."
"This combination will create a more innovative platform capable of delivering better outcomes for all stakeholders, including clients, colleagues, partners and investors," said Aon CEO Greg Case. "Our world-class expertise across risk, retirement and health will accelerate the creation of new solutions that more efficiently match capital with unmet client needs in high-growth areas like cyber, delegated investments, intellectual property, climate risk and health solutions."
Strategic Rationale
Combines two highly complementary businesses into a technology-enabled global platform that is more relevant and responsive to client needs.
Provides opportunity to expand and further accelerate execution against the existing Aon United and Willis Towers Watson growth strategies.
Expected to drive year one earnings accretion to Aon adjusted EPS with free cash flow accretion1 of more than 10% after full realization of $800 million of expected pre-tax synergies.
Ongoing commitment to long-term financial goals of mid-single digit or greater organic revenue growth and double-digit free cash flow growth.
Strong balance sheet and a commitment to a disciplined capital management approach based on Return on Invested Capital (ROIC).
Structure and Governance
The combined company, to be named Aon, will be the premier, technology-enabled global professional services firm focused on the areas of risk, retirement and health.
Aon will maintain operating headquarters in London, United Kingdom. John Haley will take on the role of Executive Chairman with a focus on growth and innovation strategy. The combined firm will be led by Greg Case and Aon Chief Financial Officer Christa Davies, along with a highly experienced and proven leadership team that reflects the complementary strengths and capabilities of both organizations. The Board of Directors will comprise proportional members from Aon and Willis Towers Watson's current directors.
Transaction Details
Under the terms of the agreement unanimously approved by the Boards of Directors of both companies, each Willis Towers Watson shareholder will receive 1.08 Aon ordinary shares for each Willis Towers Watson ordinary share, and Aon shareholders will continue to own the same number of ordinary shares in the combined company as they do immediately prior to the closing. Upon completion of the combination, existing Aon shareholders will own approximately 63% and existing Willis Towers Watson shareholders will own approximately 37% of the combined company on a fully diluted basis.
Aon anticipates that the transaction will provide annual pre-tax synergies and other cost reductions of $800 million by the third full year of combination, thereby allowing the firm to continue significant investment in innovation and growth. Potential revenue synergies due to complementary capabilities are expected but not included in the synergy estimates. The principal sources of potential synergies and other cost reductions are as follows:
Approximately 73% from the consolidation of business and central support functions, including leveraging the capabilities of the Aon Business Services operational platform across the combined group; and
Approximately 27% from the consolidation of infrastructure related to technology, real estate and third-party contracts
The parties expect the transaction to close in the first half of 2021.
