American professional services firm Marsh & McLennan Companies (MMC) has obtained the nod of the US Federal Trade Commission (FTC) to acquire the UK-based re/insurance broker Jardine Lloyd Thompson Group (JLT).
The JLT acquisition
The antitrust approval follows the termination of the HSR waiting period. Furthermore, it concludes the competition review of both the FTC and Department of Justice (DoJ). In addition, it fulfils an important condition to the closing of the acquisition.
However, the JLT acquisition, which was approved by the boards of both companies, is still subject to additional antitrust and regulatory approvals as well as the approval of JLT shareholders.
In September, MMC agreed to acquire JLT in a transaction valued at approximately $5.6bn.
As per the terms of the agreement, JLT shareholders will get cash payment of £19.15 per share.
Also, JLT group CEO Dominic Burke will assume the role of vice chairman at MMC. He will also join MMC’s executive committee.
MMC president and CEO Dan Glaser said: “The acquisition of Jardine Lloyd Thompson creates a compelling value proposition for our clients, our colleagues and our shareholders. The complementary fit between our companies creates a platform to deliver exceptional service to clients and opportunities for our colleagues.”
Marsh & McLennan manages four companies including Marsh, Guy Carpenter, Mercer and Oliver Wyman and provides services in 130 countries across the globe.