（2020年3月11日，/HRoot.com/）英國時間2020年3月9日，怡安（Aon）和韋萊韜悅（Willis Towers Watson）宣佈以全股票交易方式合併，合併後的股權價值約為800億美元。
韋萊韜悅首席執行官John Haley表示：“ 韋萊韜悅和怡安的合併是我們在人力、風險和資本領域更好地為客戶提供服務的必經之路。這項交易為我們合併後的團隊提供了創造更多價值的機會，從而加快了推動創新的進程。”
怡安首席執行官Greg Case表示：“此次合併將創造一個更具創新性的平臺，能夠為所有利益相關者，包括客戶、同事、合作伙伴和投資者提供更好的服務。我們在風險管控、退休和健康管理方面的世界級專業知識將加速創建新的解決方案，從而更有效地將資金與網絡、委託投資、知識產權、氣候風險和健康解決方案等高增長領域的未滿足客戶需求進行匹配。”
戰略依據
將兩個高度互補的業務合併到一個技術支持的全球平臺中，該平臺將更具相關性，並更能滿足客戶需求。
提供機會，以擴大和進一步加快執行怡安聯合韋萊韜悅的發展戰略。
在完全實現8億美元的預期稅前協同效應後，預計將推動怡安汽車調整後的EPS 的第一年利潤增長，自由現金流將增長10％以上。
持續致力於中位數或更高的有機營收增長以及兩位數的自由現金流增長的長期財務目標。
強有力的資產負債表對基於投資資本回報的紀律資本管理方法的承諾。
結構與管理
合併後的公司將被命名為怡安，該公司將成為專注於風險、退休和健康領域的一流的、以技術支持的全球專業服務公司。
怡安將保持其在英國倫敦的運營總部不變。John Haley將擔任執行董事長一職，專注於增長和創新戰略。合併後的公司將由Greg Case和怡安首席財務官Christa Davies領導，並打造一支經驗豐富且久經考驗的領導團隊，以體現兩個組織的互補優勢和能力。董事會將由怡安和韋萊韜悅的現任董事組成。
交易明細
根據兩家公司董事會一致通過的協議條款，每位韋萊韜悅的普通股股東將獲得1.08股怡安普通股，而怡安股東將繼續擁有與合併前相同數量的合併公司普通股。完成合並後，現有的怡安股東將擁有大約63%的股權，現有的韋萊韜悅股東將在完全稀釋的基礎上擁有大約37%的股權。
怡安預計，此次交易將在合併的第三個完整年度中實現年度稅前協同效應和8億美元的其他成本削減，從而使該公司能夠繼續在創新和增長方面進行大量投資。預期由於互補功能而產生的潛在營收協同效應未包括在協同效應估計中。潛在的協同效應和其他成本降低的主要如下：
約73％來自業務和總部支持職能的合併，包括利用合併後集團中怡安商業服務運營平臺的功能；
約27％來自與技術、房地產和第三方合同相關的基礎設施整合。
雙方預計，該交易將於2021年上半年完成。
Aon to Combine with Willis Towers Watson To Accelerate Innovation on Behalf of Clients
(Mar.11, 2020, /prnewswire.com/)TAon plc (NYSE:AON) and Willis Towers Watson (NASDAQ: WLTW) today announced a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately $80 billion.
"The combination of Willis Towers Watson and Aon is a natural next step in our journey to better serve our clients in the areas of people, risk and capital," said Willis Towers Watson CEO John Haley. "This transaction accelerates that journey by providing our combined teams the opportunity to drive innovation more quickly and deliver more value."
"This combination will create a more innovative platform capable of delivering better outcomes for all stakeholders, including clients, colleagues, partners and investors," said Aon CEO Greg Case. "Our world-class expertise across risk, retirement and health will accelerate the creation of new solutions that more efficiently match capital with unmet client needs in high-growth areas like cyber, delegated investments, intellectual property, climate risk and health solutions."
Strategic Rationale
Combines two highly complementary businesses into a technology-enabled global platform that is more relevant and responsive to client needs.
Provides opportunity to expand and further accelerate execution against the existing Aon United and Willis Towers Watson growth strategies.
Expected to drive year one earnings accretion to Aon adjusted EPS with free cash flow accretion1 of more than 10% after full realization of $800 million of expected pre-tax synergies.
Ongoing commitment to long-term financial goals of mid-single digit or greater organic revenue growth and double-digit free cash flow growth.
Strong balance sheet and a commitment to a disciplined capital management approach based on Return on Invested Capital (ROIC).
Structure and Governance
The combined company, to be named Aon, will be the premier, technology-enabled global professional services firm focused on the areas of risk, retirement and health.
Aon will maintain operating headquarters in London, United Kingdom. John Haley will take on the role of Executive Chairman with a focus on growth and innovation strategy. The combined firm will be led by Greg Case and Aon Chief Financial Officer Christa Davies, along with a highly experienced and proven leadership team that reflects the complementary strengths and capabilities of both organizations. The Board of Directors will comprise proportional members from Aon and Willis Towers Watson's current directors.
Transaction Details
Under the terms of the agreement unanimously approved by the Boards of Directors of both companies, each Willis Towers Watson shareholder will receive 1.08 Aon ordinary shares for each Willis Towers Watson ordinary share, and Aon shareholders will continue to own the same number of ordinary shares in the combined company as they do immediately prior to the closing. Upon completion of the combination, existing Aon shareholders will own approximately 63% and existing Willis Towers Watson shareholders will own approximately 37% of the combined company on a fully diluted basis.
Aon anticipates that the transaction will provide annual pre-tax synergies and other cost reductions of $800 million by the third full year of combination, thereby allowing the firm to continue significant investment in innovation and growth. Potential revenue synergies due to complementary capabilities are expected but not included in the synergy estimates. The principal sources of potential synergies and other cost reductions are as follows:
Approximately 73% from the consolidation of business and central support functions, including leveraging the capabilities of the Aon Business Services operational platform across the combined group; and
Approximately 27% from the consolidation of infrastructure related to technology, real estate and third-party contracts
The parties expect the transaction to close in the first half of 2021.
分享到:
閱讀更多 人力資源市場觀察 的文章
