RTTNews | May 12, 2021 09:11AM EDT

09:11 Wednesday, May 12, 2021 (RTTNews.com) - Aon plc (AON) and Willis Towers Watson (WLTW) Wednesday said they signed a definitive agreement to sell Willis Re and a set of Willis Towers Watson corporate risk and broking and health and benefits services to Arthur J. Gallagher & Co. for a total consideration of $3.57 billion. Gallagher is an insurance, risk management, and consulting services company headquartered in Rolling Meadows in Illinois. The pending combination with Willis Towers Watson is expected to deliver revenue growth, margin expansion through the delivery of better solutions, increased cash flow and earnings growth, and a strong balance sheet, to generate attractive returns for shareholders in the future.

Aon said it remains committed to $800 million of cost synergies through the combination.

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