Looking to become more of a powerhouse in the global consulting business while bolstering cross-selling opportunities, Aon Corp. announced last week it will acquire human resource and outsourcing firm Hewitt Associates Inc. for approximately $4.9 billion in stock and cash.
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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