Marsh & McLennan Companies (MMC), the parent company of Mercer, has completed the acquisition of JLT today for $5.6bn (£4.3bn).
The acquisition builds on MMC's efforts to become a leading global firm in risk, strategy and people.
The deal, which was announced in September 2018, was set up to enable MMC to expand in faster-growing geographies and invest in data, while enhancing its capabilities across insurance brokerage, retirement and benefits.
MMC announced in September that it would acquire all shares at a value of £19.15 each, based on the 17 September closing price. This represented a 33.7% premium for shareholders.
The deal is helped by funding from a £5.2bn bridge loan agreement with Goldman Sachs Bank USA.
With the acquisition, JLT brings more than 10,000 colleagues to MMC, providing deeper industry expertise in most parts of the organisation, it said - although there will also be job losses of around 2% to 5% globally.
The company said any affected staff will be "treated in a manner consistent with MMC's high standards, culture and practices", with an aim of retaining and motivating the "best talent".
A number of JLT's top executives have been placed in leadership positions in MMC, including JLT former chief executive Dominic Burke who is taking on the role of vice-chairman and will serve as a member of its executive committee.
MMC president and chief executive Dan Glaser said: "Today marks the beginning of a new era with MMC and JLT coming together. This is a combination of strength and strength, and the primary focus is growth - in talent, capabilities, revenue and earnings."
He continued: "Our aspiration is to shape our industries and be the employer of choice."
MMC advises 95% of the Fortune 1000 and the combined company provides advice and solutions for more than $100bn of annual property/casualty insurance and reinsurance premiums.
The deal creates the UK's largest pensions consultancy by turnover. Based on 2017 year-end results, the combined revenues would be £505.6m for that year.
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