Marsh & McLennan Cos (MMC) has announced that its $5.6bn acquisition of broker Jardine Lloyd Thompson Group (JLT) has been approved by the shareholders of JLT.
Of the shareholders who voted, nearly 99.9% voted in favour of the deal.
Marsh & McLennan president and CEO Dan Glaser said: “Today’s vote is an important milestone. The process of planning the future of Marsh & McLennan and JLT together now begins in earnest.
“Upon closing, the combined firm will have the deepest pool of talent in the industry; the broadest industry expertise; and the greatest capability to invest in data, analytics and digital solutions. We will meet our clients’ greatest challenges with innovation and thought leadership.”
In September, MMC signed an agreement to buy JLT for around $5.6bn.
As per the terms of the agreement, JLT shareholders will be entitled to 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.
The transaction is still awaiting approvals from antitrust authorities, financial regulators and the UK High Court.
MMC manages four companies including Marsh, Guy Carpenter, Mercer and Oliver Wyman and provides services in 130 countries across the globe.