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The Federal Trade Commission has granted early termination of the waiting period for Marsh & McLennan Cos. Inc.’s previously announced $5.6 billion acquisition of Jardine Lloyd Thompson Group PLC.
Termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 “effectively concludes the competition review of both the FTC and U.S. Department of Justice and satisfies an important condition to the closing of the acquisition,” Marsh & McLennan said in a statement Monday.
The acquisition was announced on Sept. 18, and the waiting period is generally 30 days under the statute, but the FTC granted the early termination of the waiting period on Oct. 10.
The acquisition remains subject to additional required antitrust and regulatory approvals as well as the approval of JLT shareholders. Marsh & McLennan and JLT released a document containing the full terms and conditions of the acquisition ahead of a Nov. 7 JLT shareholders general meeting to obtain their approval, according to the statement.
The announced acquisition was the buzz of the Insurance Leadership Forum and shows the persistence of merger and acquisition activity in the insurance industry.
(Reuters) — Marsh & McLennan Cos. Inc. is buying British insurance and reinsurance broker Jardine Lloyd Thompson Group PLC for £4.3 billion ($5.7 billion), the latest takeover in a sector hit by recent losses.