Willis Group Holdings Limited said today that the U.S. Federal Trade Commission has cleared review of Willis' pending $2.1 billion acquisition of Hilb Rogal & Hobbs under the Hart-Scott-Rodino Antitrust Improvements Act granting early termination of the waiting period.
On June 8, Willis said it had an agreement to combine both companies. The transaction, which is expected to close in the fourth quarter of 2008, remains subject to the satisfaction of other conditions, including approval by HRH's shareholders and other required regulatory clearances.
"We are very pleased that the FTC chose to grant us early termination of the waiting period and has given us the green light," said Joe Plumeri, chairman and chief executive officer of Willis, in a statement. "We believe this is a transformational transaction that will help us accelerate growth and increase client value."
The firm said the addition of HRH would double Willis North America revenues and strengthen its market in attractive U.S. geographic growth areas such as California, Texas and Florida. It would also double Willis' Employee Benefits business in North America.
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