GLOBAL - Watson Wyatt & Company Holdings and UK-based alliance partner Watson Wyatt LLP have signed a definitive agreement to combine the two firms, bringing them closer to their goal of creating a global entity with estimated revenues of more than US$1.1bn.
The deal – announced by the firms in January – will see US-based Watson Wyatt & Company Holdings, which currently owns about 20% of Watson Wyatt LLP, acquire the remaining assets for US$458m in cash and stock.
The two firms have operated an alliance as Watson Wyatt Worldwide since 1995, offering human capital and financial management consulting services.
“The signed agreement marks an important step toward our goal to fully integrating the two firms,” said John Haley, president and CEO of Watson Wyatt & Company Holdings.
“The business combination will make us a stronger organisation and will provide us the opportunity to offer more value and services to our clients around the world.”
The transaction is subject to approval by stockholders of Watson Wyatt & Company Holdings and by the voting partners of Watson Wyatt LLP, as well as regulatory review and customary closing conditions.
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