M&M completes £4.3bn JLT acquisition

Marsh & McLennan Companies (M&M) has announced that it has completed the acquisition of Jardine Lloyd Thompson Group (JLT) for $5.6bn (£4.27bn) in fully diluted equity value.

The deal was initially agreed upon in September 2018 and approved by JLT shareholders in November 2018.

Commenting on the announcement, M&M president and CEO, Dan Glaser said: “Today marks the beginning of a new era with Marsh & McLennan and JLT coming together. This is a combination of strength and strength, and the primary focus is growth – in talent, capabilities, revenue and earnings.”

M&M’s acquisition of JLT will see more than 10,000 employees transition from JLT to M&M, with many JLT executives being named to leadership positions at M&M.

Former JLT CEO, Dominic Burke, will join M&M as vice chairman and a member of its executive committee.

Mercer UK head of wealth, Beniot Hudson commented: “We are excited to welcome our new colleagues and the additional expertise and experience they will bring to Mercer.

“Our shared number one priority is delivering great outcomes for our clients and now we have an even broader arsenal of capabilities, talent and solutions to help us do so.”

Holders of JLT’s common shares will receive £19.15 per share, and it will be funded by cash on hand and proceeds from debt financing.

The combined company will provide advice and solutions for more than $100bn of annual property and casualty insurance, and reinsurance premiums placed globally.

Mercer chief operating officer, Bala Viswanathan added: “Mercer and JLT, both, have a shared passion for client focus and fierce determination to be leaders in their field.

“I am confident that together we will be able to deliver exceptional service and unrivalled proposition for our clients.

“Combining our wealth of capabilities and expertise will make us a powerful player in the market, and I look forward to seeing the new and exciting opportunities this will deliver in the future.”

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