Two major brokerages--Willis Group Holdings Ltd. and Hilb Rogal & Hobbs Company--announced Sunday they will combine forces in a transaction that Willis said will "double Willis's North America revenues and strengthen its leadership in attractive growth markets."
Under the terms of the definitive agreement, Willis will acquire all of the outstanding shares of common stock of HRH for $46.00 per share--50 percent cash and 50 percent stock--in a transaction having an equity value of approximately $1.7 billion and an "enterprise value" of approximately $2.1 billion.
The transaction is expected to close in the fourth quarter of 2008 and is subject to customary closing conditions, including regulatory and HRH shareholder approval.
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