Shareholders OK Aon, Hewitt deal

By Mary Jane Grandinetti
Posted Sep. 20, 2010 at 12:40 p.m.

The $4.9 billion sale of human resources specialist Hewitt Associates to Aon was approved by the shareholders of both companies Monday.

The buyout is still subject to regulatory approval.

The cash and stock deal, announced July 12, is expected to nearly triple the size of the insurance conglomerate’s consulting business and significantly extend Aon’s reach into the industry worldwide. Aon trails rival Marsh & McLennan Co. in the size of its consulting business.

Hewitt, based in Lincolnshire, is one of the world’s biggest human resources consulting and outsourcing companies with 23,000 employees in 32 countries.

Aon Corp., based in Chicago, has more than 36,000 employees in more than 100 countries. The company plans to integrate Hewitt with its existing consulting and outsourcing operations and create a new unit, Aon Hewitt.

Hewitt stockholders will get $25.61 in cash and about 0.64 percent of a share in Aon stock per Hewitt share. The total payment will be $2.45 billion in cash and 64 million shares.

The deal is expected to close by mid-November.

Shares of Hewitt Associates  rose 35 cents, to $50.01. Aon shares were up 44 cents, to $38.56, in early afternoon training.

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