Towers Watson and Willis agree multi-billion pound merger

Willis, the multinational risk advisor, has agreed a merger with professional services firm Towers Watson, worth £11.4billion.

The deal, described as a "merger of equals", will see the companies operate under the new name Willis Towers Watson and will employ 39,000 employees in over 120 countries, with revenue of approximately £5.2billion.

James McCann will become Chairman, John Haley will be Chief Executive Officer and Dominic Casserley will be President and Deputy CEO. The new company’s board will consist of 12 directors in total – six nominated by Willis and six by Towers Watson, including Towers Watson’s and Willis’ current CEOs. Additionally, Roger Millay will be CFO.

Haley said: “We expect to realize substantial efficiencies by bringing our two organizations together, and have a well-defined integration roadmap to capitalize on identified savings, ensure the strongest combination of talent and practices, and realize the full benefits of the merger for all of our stakeholders.