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LINCOLNSHIRE, Ill., and CHICAGO—Shareholders of Aon Corp. and Hewitt Associates Inc. voted Monday to approve Aon's acquisition of the benefit consulting and human resources outsourcing giant.
As part of the transaction, Hewitt shareholders will receive a combination of cash and Aon Corp. stock totaling $4.9 billion based on the July 9 closing price of Aon's shares.
Technically, Hewitt shareholders approved the transaction. Aon shareholders voted Monday in favor of issuing Aon shares to Hewitt stockholders as part of the agreement.
Chicago-based Aon said it hopes to complete the transaction by mid-November. At that point, it plans to integrate Hewitt and its Aon Consulting unit and change the name of the consulting operations to Aon Hewitt.
Aon Hewitt would generate about $4.3 billion in annual revenues and have about 29,000 employees.
Russ Fradin will be Aon Hewitt's chairman and CEO, the same titles he now holds at Lincolnshire, Ill.-based Hewitt.
Once finalized, the transaction will be the biggest ever in the benefits consulting and outsourcing business.