Watson Wyatt to buy German benefits consultant

ARLINGTON, Va.--Watson Wyatt Worldwide has signed a letter of intent to acquire Dr. Dr. Heissmann GmbH, a major actuarial and benefits consulting firm based in Wiesbaden, Germany.

Founded in 1955, Heissmann, along with subsidiary units, also has offices in Austria, France, Ireland and the Netherlands, and has a staff of 360, including 300 in Germany. It has annual revenues of more than €50 million ($67.54 million).

John Haley, chief executive officer of Arlington, Va.-based Watson Wyatt, said the acquisition will boost the company's already strong position in Europe, where it has offices in 12 countries.

A definitive agreement is expected to be signed in early July. Terms were not disclosed.

After the acquisition, the unit will be known as Watson Wyatt Heissmann in Germany and will operate in other countries as Watson Wyatt.