Employee benefit consultancy giants Towers Perrin and Watson Wyatt have announced an agreed $3.5 billion merger, to form Towers Watson.
Both firms have leading positions in the retirement plan and health care consulting makret, while Towers Perrin also provides risk management and reinsurance brokerage services.
Watson Wyatt has about 7,700 employees and operates in 34 countries, while Towers Perrin has about 6,300 employees and operates in 26 countries. Towers Watson will have a presence in a total of 38 countries.
"The combination will expand our global footprint to optimise service, global reach and seamless delivery for our clients," the two firms said in a statement. Watson Wyatt's chief executive John Haley will hold the same position at Towers Watson and Towers Perrin's chief Mark Mactas will be president.
"We expect to be best in class in every business line we will operate," said Haley in announcing the merger deal. "The sum will be greater than its parts. Strategically, it will be a great fit."
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