Willis Group Holdings said it has acquired 100 percent of Willis Kft, its joint venture operation in Hungary, with the purchase of the 20 percent stake of its local broker partner Erix. Financial terms were not released.
The transaction was completed June 30, the London-based broker said.
Willis said it sold the 20 percent stake in Willis Kft to Erix in 1997, which then took over management of Willis' Hungarian operations. The brokerage firm said this transaction returns complete ownership and management control of the Budapest-based firm to Willis.
Doug Pritchard, managing director for Willis Czech Republic and Slovakia, has been appointed managing director of the unit and will continue to be based in Prague.
“We are looking to build our business quickly and establish a strong platform to position ourselves as a leading broker in the Hungarian market and indeed [Central and Eastern Europe],” said Mr. Pritchard in a statement. “We believe that by regaining full management control of Willis Kft, we will be in a position to achieve this.”
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