Joe Plumeri, Willis's chairman and chief executive officer of Willis Group Holdings Ltd., said today his firm's $2.1 billion acquisition of Hilb Rogal & Hobbs Company will double its North American revenues and add Willis's global reach to the HRH local market presence.
Willis announced the merger Sunday in a transaction that the insurance brokerage said will strengthen its leadership in attractive growth markets. The new organization in North America will be renamed Willis HRH upon completion of the transaction.
Under the terms of the definitive agreement, Willis will acquire all of the outstanding shares of common stock of HRH for $46 a share--50 percent cash and 50 percent stock--in a transaction having equity value of approximately $1.7 billion and an "enterprise value," or total purchase price, of about $2.1 billion.
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