Aon is set to create a professional services monster by acquiring human resources firm Hewitt Associates in a deal worth $5.6 billion.
Aon will merge Hewitt with its Aon Consulting practice to create Aon Hewitt. The new firm will be a consulting and outsourcing business with combined revenues of almost $5bn.
Russ Fradin, chairman and chief executive officer of Hewitt, will serve as chairman and chief executive officer of Aon Hewitt, reporting to Greg Case, chief executive officer, Aon Corporation.
In a company statement, Case said: “This agreement reflects our ongoing efforts to ensure that Aon's associates, capabilities and technology remain at the forefront of our industry, providing distinctive client value.
“As we continue to grow our business, this merger will give us a broader portfolio of innovative products and services focused on what we believe are two of the most important topics in the global economy today – risk and people.”