Aon Corp, the insurance and risk management giant, had its subsidiary buy human resources firm Hewitt Associates on Monday for $4.9 billion, Aon announced.
In the deal, Aon would pay $50 in cash and stock for each Hewitt stock, a 41 percent premium over the company’s closing share price last Friday. Aon says that it will merge Hewitt into its existing consulting and outsourcing business, to be called Aon Hewitt, to be led by current Hewitt CEO Russ Fradin.
“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,” said Greg Case, CEO of Aon.
In the deal, Aon would pay $50 in cash and stock for each Hewitt stock, a 41 percent premium over the company’s closing share price last Friday. Aon says that it will merge Hewitt into its existing consulting and outsourcing business, to be called Aon Hewitt, to be led by current Hewitt CEO Russ Fradin.
“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,” said Greg Case, CEO of Aon.
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