Wednesday, July 14, 2010

Aon acquiring Hewitt Associates - US Nortel 401k related

For those of you with Nortel 401K accounts managed by Hewitt, the following story at CNBC.com may important. Hewitt is being acquired and that may result in some changes impacting the way the 401K account is managed. Probably nothing short term, but it is worth looking out for communications on the Hewitt site to see if there are any changes coming.

Check of the story at http://www.cnbc.com//id/38200814


Aon, the world's largest insurance brokerage, said it will acquire human-resource service company Hewitt Associates for about $4.9 billion in cash and stock to beef up its consulting business.

Aon's offer of $50 a share is 41 percent more than Hewitt's closing stock price on Friday. The deal will help Aon get a firm foothold in human resource and benefits outsourcing and take on rival insurance broker Marsh and McLennan's Mercer unit. Aon plans to integrate Hewitt with its existing consulting and outsourcing operations and sees annual revenue of $4.3 billion for the combined entity, which will be named Aon Hewitt.

Russ Fradin, chairman and chief executive officer of Hewitt, will head Aon Hewitt. Aon expects the deal to add to 2011 and 2012 earnings and generate about $355 million in annual cost savings in 2013, primarily from reduction in back-office areas.

The Aon-Hewitt deal is the second major deal in the consultancy space in a year after Towers Perrin and Watson Wyatt agreed to a $3.5 billion merger to create the world's largest HR consultants.

The insurance brokerage expects to finance the deal through a $1.5 billion bridge facility and $1 billion bank term loan.

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