NU Online News Service, July 12, 11:00 a.m. EDT
Aon Corp. said it will acquire human resource and outsourcing consulting firm Hewitt Associates Inc. for approximately $4.9 billion in a combination stock and cash transaction.
The Chicago-based insurance broker said it will pay $50 a share for Lincolnshire, Ill.-based Hewitt, representing a 41 percent premium to the company's closing stock price as of July 9. Aon said the deal would consist of a 50-50 split in cash and Aon stock.
Aon said it intends to integrate Hewitt with its existing consulting and outsourcing operations and operate the company under the name Aon Hewitt. The deal is expected to close by mid-November pending regulatory and stockholder approval.
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