Marsh & McLennan to buy rival JLT
Marsh & McLennan Companies says it will buy UK-based rival broker Jardine Lloyd Thompson Group for a cash consideration equivalent to $US5.6 billion ($7.8 billion).
Under the terms of the deal, JLT shareholders will receive £19.15 ($35.03) cash per share.
“The acquisition of Jardine Lloyd Thompson creates a compelling value proposition for our clients, our colleagues and our shareholders,” Marsh President and CEO Dan Glaser said.
“The complementary fit between our companies creates a platform to deliver exceptional service to clients and opportunities for our colleagues.”
Mr Glaser said JLT CEO Dominic Burke would become Marsh & McLennan Vice Chairman and serve as a member of the executive committee after completion of the deal.
“I am enormously proud of what JLT has achieved, founded on our people, our culture and our unwavering commitment to our clients,” Mr Burke said.
“MMC is, and always has been, one of our most respected competitors and I believe that, combined, we will create a group that will truly stand as a beacon for our industry.”
JLT operates in 40 countries, with particular strength in the UK and Australia as well as in key emerging markets in Asia and Latin America, Marsh said.
More details in our regular bulletin on Monday.