5. Aon bided its time before relaunching talks to buy Willis
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Aon PLC’s deal to buy rival Willis Towers Watson PLC, which is slated to close in the first half of 2021, was a while in the making.
The top executives at the brokerages first discussed a possible merger in 2019 but quickly put the discussions on ice after news of a potential deal leaked.
They resumed talks early in 2020 and announced the $30 billion deal in early March.
Business Insurance’s story detailing the history of the negotiations, which began with a dinner in Miami and included several back-and-forths haggling over the price, was the fifth-most-read story on the Business Insurance website last year.
The combination of the second- and third-largest brokers in the world will potentially allow Aon to leapfrog Marsh & McLennan Cos. Inc. into the No. 1 spot in BI’s broker rankings.
Shareholders approved the deal in August, but regulators still must have their say.
Aon has consistently said it does not expect to divest any operations to secure regulatory approval, despite speculation that the combination will significantly increase its market share in some areas.
In December, the European Union, where both brokerages are incorporated, indicated that it would launch a full investigation of the proposed deal.
