Towers Perrin and Watson join to create Towers Watson

Towers Perrin, Forster & Crosby Inc. and Watson Wyatt Worldwide Inc. have merged to form a new publicly-listed company, Towers Watson & Co.
The implied equity value of the transaction is approximately US$3.5 billion, according to a release.
The CEO of the new company is John Haley, CEO of Watson Wyatt, and the new president is Towers Perrin CEO Mark Mactas.
Towers Watson is expected to have annual revenues in excess of US$3 billion.
“While significant savings are expected during the first two years following completion of the transaction, it is anticipated that full realization of synergies will take three years and cost approximately [US]$80 million,” a press release announcing the merger says. “Towers Watson will also have significant non-cash expenses during the first two years following completion of the transaction.”