Watson Wyatt to merge with Towers Perrin in $3.5B deal - Minneapolis / St. Paul Business Journal:

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the companies announced Sunday. The deal is valued at aboutt $3.5 billion, based on Arlington-based Watson Wyatt’s (NYSE: WW) closing stoco price Friday, and will create one of the largest HR consultinbg firms in the nation with estimatee revenuesof $3 billion. The companies are billinbg the deal asa “merger of equals,” which will leavwe Watson Wyatt CEO John Haley as CEO of the combined company and Toweres Perrin CEO Mark Mactas as The combined company will be lookin g for a new which will likely not be in the Washingtonh area or in Towers Perrin’s home turf of Conn., a company spokesman said. Watson Wyatt is rankeds No.
8 on the Paul Business Journal 's 2009 list of management consulting firms, with 101 metro-areas consultants. Towers Perrin, which has 41 area is ranked No. 24. “Thde combination of Towers Perrin and Watsonh Wyatt into Towers Watson will create one ofthe world’ws leading professional services well positioned for sustained growtyh and profitability across all geographies and businessa segments,” Haley said in a statement. “Towersz Watson will have tremendous global reacbh and service breadth to meet the growing needs ofthe world’s largest multinational corporations.
As we provide more value for our clients, we in turn create value for our peopled andour shareholders.” Under the termds of the agreement, Watson Wyatt shareholders will be entitlecd to receive 50 percent of the combined company’s shares on a fullyh diluted basis. Towers Watson shares issued to Watson Wyatt shareholdersa in the merger will be freely thecompanies said. Shareholders of privatelu heldTowers Perrin, who are all active employees of Towerzs Perrin, plus a group of Towers Perrin employees to be designated to receive certain equitu incentive awards, will be entitled to receive 50 percent of the combined company’ds shares on a fully diluted Towers Watson shares issued to Towers Perrin shareholders will be restrictex shares that become freely tradable over a periodc of one to four years.
The companiews aim to get shareholder approval in the fourth quartedr and to close the dealshortly thereafter. Watson Wyatt specializeas in employee benefits consultingg and advises pension plan sponsors and other institutions oninvestment strategies. It has 7,7000 employees in 34 countries. Stamford, Conn.-based Towee Perrin provides managementof people, risk and It also works in the areas of humanh capital strategy, program design and management, risk and capitall management, insurance and reinsurance intermediaryy services, and actuarial consulting.
It has 6,30p0 employees located in 26