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Insurance broker Willis Group to buy Towers Watson in stock deal

Reuters - UK Focus

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June 30 (Reuters) - Insurance broker Willis Group Holdings said it signed an agreement with Financial management services provider Towers Watson & Co (NasdaqGS: TW - news) to combine the companies in an all-stock deal with an implied equity value of about $18 billion.

Willis shareholders will own about 50.1 percent and Towers Watson shareholders will own about 49.9 percent of the combined company on a fully diluted basis, the companies said in a statement.

Towers Watson shareholders will receive 2.6490 Willis shares for each share owned and a one-time cash dividend of $4.87 per share.

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The combined company, which will be named Willis Towers Watson, will maintain its domicile in Ireland (Other OTC: IRLD - news) .

(Reporting by Rama Venkat Raman in Bengaluru; Editing by Gopakumar Warrier)