Benzinga | Jul 26, 2021 04:32PM EDT

Arthur J. Gallagher & Co. Announces Termination Of Agreement To Acquire Certain Willis Towers Watson plc Brokerage Operations; Co. Plans To Exercise Special Optional Redemption Feature Of $650M Tranche Of 10-Year Notes

Arthur J. Gallagher & Co. (NYSE:AJG) today announces the termination of its May 12, 2021 agreement to acquire certain Willis Towers Watson plc brokerage operations as a result of Aon plc and Willis Towers Watson plc terminating their combination agreement.

In conjunction with the termination announcement, Gallagher plans to exercise the special optional redemption feature of its $650 million tranche of 10-year senior notes issued on May 20, 2021. Additionally, Gallagher is evaluating opportunities to deploy its excess cash position through its merger program as well as possible share repurchases. The company plans to provide further updates on its second quarter 2021 earnings call on July 29, 2021 after the market close.