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THE WOODLANDS, Texas - The boards of Aon Corporation (NYSE: AON) and Hewitt Associates, Inc. (NYSE: HEW) have approved an agreement under which Hewitt will merge with a subsidiary of Aon. The agreement is valued at $50 per Hewitt share, which represents a 41 percent premium to Hewitt's closing stock price on July 9, 2010. The aggregate fully diluted equity value of the transaction is approximately $4.9 billion, consisting of 50 percent cash and 50 percent Aon stock.
Aon intends to integrate Hewitt with its existing consulting and outsourcing operations (Aon Consulting) and operate the segment globally under the newly created Aon Hewitt brand. Russ Fradin, chairman and CEO of Hewitt, will serve as chairman and CEO of Aon Hewitt, reporting to Greg Case, CEO, Aon Corporation.
"This agreement reflects our ongoing efforts to ensure that Aon's associates, capabilities and technology remain at the forefront of our industry, providing distinctive client value," Case said in a released statement. "As we continue to grow our business, this merger will give us a broader portfolio of innovative products and services focused on what we believe are two of the most important topics in the global economy today – risk and people."
An integration team led by Greg Besio (CAO, Aon) will commence planning for a strong transition. The team is comprised of leaders across Aon and Hewitt and includes: Kristi Savacool (senior vice president, Hewitt Large Markets Benefits Outsourcing), Jim Konieczny (president, Hewitt HR Business Process Outsourcing), Yvan Legris (president, Hewitt Consulting) and Kathryn Hayley (co-CEO, Aon Consulting).
Source: Hewitt Associations, Inc.
Aon intends to integrate Hewitt with its existing consulting and outsourcing operations (Aon Consulting) and operate the segment globally under the newly created Aon Hewitt brand. Russ Fradin, chairman and CEO of Hewitt, will serve as chairman and CEO of Aon Hewitt, reporting to Greg Case, CEO, Aon Corporation.
"This agreement reflects our ongoing efforts to ensure that Aon's associates, capabilities and technology remain at the forefront of our industry, providing distinctive client value," Case said in a released statement. "As we continue to grow our business, this merger will give us a broader portfolio of innovative products and services focused on what we believe are two of the most important topics in the global economy today – risk and people."
An integration team led by Greg Besio (CAO, Aon) will commence planning for a strong transition. The team is comprised of leaders across Aon and Hewitt and includes: Kristi Savacool (senior vice president, Hewitt Large Markets Benefits Outsourcing), Jim Konieczny (president, Hewitt HR Business Process Outsourcing), Yvan Legris (president, Hewitt Consulting) and Kathryn Hayley (co-CEO, Aon Consulting).
Source: Hewitt Associations, Inc.
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