GLOBAL - Aon Consulting and Hewitt Associates are to merge to form a new consultancy in a $4.9bn deal.
The agreement will see Aon Corporation merge Hewitt with its own consultancy business to form a new subsidiary named Aon Hewitt.
Aon has valued Hewitt at $50 per share, with the $4.9bn deal consisting of 50% cash and 50% Aon stock.
Hewitt chairman and chief executive officer Russ Fradin will serve as chairman and chief executive officer of Aon Hewitt, reporting to Aon Corporation chief executive officer Greg Case.
"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," said Case.
"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."
Case continued, "Aon and Hewitt share a focus on excellence in client service and recognize the importance of talent in our industry. A leading portfolio of client services and strong cultural fit will enable us to quickly realize the benefits of this transaction, and the value added for our clients, our associates and our stockholders."
Fradin added: "We are extremely excited to join forces with another iconic global brand to form the leading human capital services enterprise.
"This combination allows us to provide even more services for our clients and greater opportunities for our associates. Aon and Hewitt share a relentless commitment to our clients and to the associates who serve them."
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.