Marsh & McLennan Companies (MMC) has completed the acquisition of Jardine Lloyd Thompson Group (JLT) for $5.6 billion in fully diluted equity value.
The acquisition, which as approved by shareholders in November last year, recently received approval from the European Commission.
The deal is part of MMC’s strategy to become the preeminent global firm in the areas of risk, strategy and people.
The combined company provides advice and solutions for more than $100 billion of annual property/casualty insurance and reinsurance premiums placed globally.
JLT brings MMC more than 10,000 staff and many of JLT’s top executives have been named to leadership positions at MMC.
However, MMC said it expects to cut up to five percent of its workforce following the acquisition.
Dan Glaser, president and CEO of MMC, said: “Today marks the beginning of a new era with MMC and JLT coming together.”
He added: “This is a combination of strength and strength, and the primary focus is growth—in talent, capabilities, revenue and earnings.”
