Aon Announced that it has signed a final agreement to sell its retirement and investment business in Germany.
Aon will sell its pension consulting, pension insurance brokerage, pension management and investment consulting business in Germany to Lane Clark & Peacock (LCP). The sale resolves questions raised by the European Commission in connection with the merger with Aon. Willis Towers Watson, Create the world’s largest insurance broker.
“This agreement marks further momentum on the road to closing the proposed combination with Willis Towers Watson,” said Gregory Case, CEO of Aon. “We recognize that these colleagues have made significant contributions on behalf of our clients during their time at Aon. LCP shares a culture of innovation and excellence with us and these colleagues We know that LCP has a positive future. “
LCP is a UK-based, independent owner-managed pension, investment and insurance consultancy. The acquisition builds on the company’s growth period, which generated record revenues of £ 126.5 million between 2019 and 2020. LCP has a large market share in Germany, and this acquisition will give LCP the top market share in Germany.
“A key part of LCP’s strategy is to diversify our business into a variety of markets with long-term growth potential,” said Aaron Pungwani, CEO of LCP. “Germany’s pension consulting market is the third largest in the world after the United States and the United Kingdom, a natural place for LCPs to gain a leading position, and reflects recent achievements in the United Kingdom. You will see heart-to-heart encounters with the knowledgeable and dynamic people who lead the business in Germany. Welcome this wonderful team as part of the LCP and do great things together for the benefit of our employees and clients. In particular, we are truly excited. “
The business acquired by LCP will include 350 employees across five German offices and will be rebranded as LCP upon completion of the transaction. Transactions with LCP are subject to the completion of the Aon-WTW merger and normal closing conditions.
Aon continues to sell for Willis Towers Watson combination
Source link Aon continues to sell for Willis Towers Watson combination