Aon plc (NYSE: AON) and Willis Towers Watson (NASDAQ: WLTW) have announced that they have 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. (Gallagher). These businesses will be divested for a total consideration of US$3.57 billion. The agreement resolves questions raised by the European Commission and is intended to address certain questions raised by regulators in certain other jurisdictions. Aon and Willis Towers Watson continue to work toward obtaining additional regulatory approval in all relevant jurisdictions, including the United States, where regulators are conducting an independent review of the Aon and WTW combination.
Latham & Watkins LLP represents Aon in the transaction with a corporate deal team led by New York and Orange County partner Charles Ruck and Chicago partners Bradley Faris and Max Schleusener, with associates Sean Parish, Christopher Martinez, and Henna Jalal. Advice was also provided on tax matters by Los Angeles partner Larry Stein and Washington, D.C. partner Nicholas DeNovio, with associate Pierce Pandolph; on benefits and compensation matters by New York partner Bradd Williamson, Bay Area partner Julie Crisp, and London partner Catherine Drinnan, with associates Leah Segall and Anne Bracaglia; on intellectual property matters by New York partner Jeffrey Tochner and New York counsel Carrie Girgenti, with associate Max Miroff; on real estate matters by Chicago counsel Jeffrey Anderson, with associate John Jefferson; on antitrust matters by Washington, D.C. partners Marc Williamson and Alan Devlin and Brussels partner Héctor Armengod, with associates Tara Tavernia and Anthemis Economou; on CFIUS and export controls matters by Washington, D.C. partner Les Carnegie, with associates Zachary Eddington, Allison Hugi, and Andrew Galdes; on data privacy and security matters by London partner Fiona Maclean, with associate Irina Vasile; on compliance matters by Chicago partner Meredith Monroe; on environmental matters by Los Angeles and Washington, D.C. counsel Joshua Marnitz; and on insurance matters by Los Angeles partner Drew Levin, with associate Hannah Cary.