September 18, 2018 by Staff
Marsh & McLennan Companies (MMC) announced on Tuesday that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc (JLT).
“The acquisition of Jardine Lloyd Thompson creates a compelling value proposition for our clients, our colleagues and our shareholders,” said Dan Glaser, president and CEO of MMC. “The complementary fit between our companies creates a platform to deliver exceptional service to clients and opportunities for our colleagues.”
A news release issued by MMC said the acquisition “accelerates MMC’s strategy to be the preeminent global firm in the areas of risk, strategy and people.” Dominic Burke, group chief executive of JLT, will join MMC as vice-chairman and serve as a member of the executive committee.
“I am enormously proud of what JLT has achieved, founded on our people, our culture and our unwavering commitment to our clients,” 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.”
The transaction will see JLT’s common shareholders receive cash consideration of £19.15 pounds per share. The total cash consideration is equal to US$5.6 billion in fully diluted equity value, or an estimated enterprise value of $6.4 billion.
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