Willis Group Holdings, an insurance broker and risk advisory firm, and professional services group Towers Watson, announced Tuesday they plan to merge.
The combined company, Willis Towers Watson, will be worth $18 billion, taking in about $8.2 billion in revenue, according to The Wall Street Journal.
The Ireland-based company is expected to achieve over $100 million in cost-savings on account of the merger. The Towers Watson Chairman and CEO, John Haley, will remain CEO, and Willis Group Holdings CEO Dominic Casserley will be president and deputy CEO.
“These are two companies with world-class brands and shared values. The rationale for the merger is powerful – at one stroke, the combination fast-tracks each company’s growth strategy and offers a truly compelling value proposition to our clients,” said Casserley in a press release.
“We will advise over 80% of the world’s top-1000 companies, as well as having a significant presence with mid-market and smaller employers around the world,” he added.
See How Tech CEOs Spend Their Money
Steve Jobs
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Google CEO Larry Page and co-founder Sergey Brin have been attending the Burning Man Arts Festival since the company's early days. There they fund a "theme camp" and how exactly the funds are used is left up to participants' imaginations.Jim Urquhart—ReutersBill Gates
The former Microsoft CEO is currently the richest man in the world, according to Bloomberg. Since 2000, Gates and his wife have been running the Bill and Melinda Gates Foundation. In total it has issued grants adding up to over $30 billion.Pius Utomi Ekpei—AFP/Getty ImagesElon Musk
PayPal Co-Founder Elon Musk (in driver's seat) began as a Series A investor in 2004 and is now the CEO and chief product architect of Tesla Motors. The company created the first mass-produced, highway-capable electric car and is valued at over $18 billion.Robyn Beck—AFP/Getty ImagesRichard Branson
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To ensure his privacy, Facebook CEO Mark Zuckerberg bought four of his neighboring houses in 2013 for an estimated $30 million-plus in Palo Alto, California.Noah Berger—Bloomberg/Getty Images
