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Aon PLC said Monday it has agreed to sell various German pension and investment consulting businesses to London-based consulting firm Lane Clark & Peacock LLP as part of its efforts to allay antitrust concerns over its planned acquisition of rival Willis Towers Watson PLC.
Terms of the deal were undisclosed.
In a statement, Aon said it has agreed to sell its pensions consulting, pension insurance broking, pensions administration and investment consulting businesses in Germany to Lance Clark & Peacock. The businesses being sold are spread across five offices and employ 350 staff. The deal is contingent on the completion of the Aon-Willis deal.
“The agreement resolves questions raised by the European Commission with respect to the markets in which these businesses are active. Aon and Willis Towers Watson continue to work toward obtaining additional regulatory approval in all relevant jurisdictions,” the Aon statement said.
The deal comes less than a week after Aon agreed to sell much of Willis’ reinsurance business and other businesses in Europe and North America to rival Arthur J. Gallagher & Co. for $3.57 billion. Gallagher has also agreed to buy additional businesses from Aon, should regulators require further sales as a condition of approving the Aon-Willis deal.
Aon, the world’s second-largest insurance broker, agreed to buy Willis, the third-largest broker, in March 2020. Regulators in Europe, the United States, Australia and Singapore have said they are scrutinizing the deal.
Arthur J. Gallagher & Co.’s $3.57 billion purchase of a slew of assets from Aon PLC and Willis Towers Watson PLC will be “a seminal moment” for the brokerage, its top executive said Wednesday.