Career Center Powered by GreatInsuranceJobs.com
The $3.5 billion stock merger announced in June 2009 for Towers, Perrin, Forster & Crosby Inc. and Watson Wyatt Worldwide Inc. has been officially completed, it was announced.
Now called Towers Watson & Co., the New York-based combined consulting firm said completion of the transaction follows receipt of all necessary regulatory authorizations and approval by the companies’ respective shareholders on Dec. 18, 2009.
Towers Watson said it expects to issue approximately 46.9 million shares of Class A common stock, as well as approximately 29.5 million shares of Class B common stock, which will be subject to transfer restrictions and will generally convert into freely tradable shares of Class A common stock on a one-for-one basis over the next four years.
The firm also said it will pay $200 million in cash and issue one-year promissory notes in an aggregate principal amount of $200 million to certain former Towers Perrin shareholders who have voluntarily elected to terminate their employment with Towers Watson.
“We are delighted to finalize the merger and look forward to bringing a broader portfolio of services to our clients,” said John Haley, Towers Watson chief executive officer, formerly CEO of Watson Wyatt.
He added, “Towers Watson is uniquely positioned to help our clients gain the perspective necessary to take the right actions to drive business results.”
Mark Mactas, Towers Watson president and former Towers Perrin CEO, said, “With our combined experience and breadth and depth of skills, we will be able to provide greater insight as we work with our clients and greater opportunities for our people and our shareholders.”