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Willis completes acquisition of France's largest broker

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Willis Group Holdings P.L.C. announced Wednesday that it has completed its acquisition of Paris-based broker Gras Savoye & Cie.

Willis in April announced it would acquire the 70% of Gras Savoye it did not already own for €500 million ($548.3 million).

Gras Savoye is the largest brokerage in France and had consolidated turnover of €566 million ($620.6 million) in 2014. It employs about 3,900.

Willis said that with Towers Watson & Co. and Gras Savoye, it will employ than 39,000 in more than 120 countries. The Towers Watson transaction price of about $18 billion had already factored the Gras Savoye acquisition.

Gras Savoye will retain its name and branding.

“This is the next step in a long and successful partnership, and we are delighted to be joining forces with Gras Savoye,” Dominic Casserley, CEO of Willis, said in a statement.

He said Gras Savoye would play a “crucial role” in Willis Towers Watson, the company that will be created when the merger of Willis and Towers Watson & Co. is completed in early 2016.