On June 8, 2008, Willis announced its entry into a definitive agreement to combine both companies. The transaction, which is expected to close in the fourth quarter of 2008, remains subject to the satisfaction of other conditions, including approval by HRH's shareholders and other required regulatory clearances.
"We are very pleased that the FTC chose to grant us early termination of the waiting period and has given us the green light," said Joe Plumeri, chairman and CEO of Willis, "We believe this is a transformational transaction that will help us accelerate growth and increase client value."
The addition of HRH doubles Willis North America revenues and strengthens its leadership in attractive U.S. geographic growth areas such as California, Texas and Florida. It also doubles Willis' Employee Benefits business in North America and adds depth and breadth to other key practice areas such as personal lines, construction, complex property and executive risk.
Martin Vaughan, III, chairman and CEO of HRH commented, "We are very happy to be moving forward with the required regulatory approval processes. Our Board of Directors and senior management team are enthusiastic about the opportunities for our clients and talented Associates. Willis brings us global reach and expertise, while we bring added talent and local market presence."