Willis to merge with Towers Watson

Willis is set to merge with Towers Watson in a deal valued at around USD18 billion in what Willis is describing as a "merger of equals."

The transaction has been unanimously approved by the board of directors of each company and the combined company will be named Willis Towers Watson.

Upon completion of the merger Willis shareholders will own approximately 50.1 percent and Towers Watson shareholders will own approximately 49.9 percent of the combined company on a fully diluted basis.

The combined company will have approximately 39,000 employees in over 120 countries, and pro forma revenue of approximately USD8.2 billion. The deal is expected to complete by 31 December 2015.

Upon closing of the transaction, James McCann will become chairman, John Haley will be chief executive officer and Dominic Casserley will be president and deputy CEO.