AON has announced that it is set to sell its pensions consulting, pension insurance broking, pensions administration and investment consulting business in Germany to Lane Clark and Peacock (LCP) for an undisclosed amount, as it moves towards completion of its merger with Willis Towers Watson.
The acquisition by LCP will include 350 AON colleagues across five offices in Germany which will be rebranded as LCP upon close of the transaction.
Greg Case, CEO, AON, said: “This agreement demonstrates further momentum on the path to close our proposed combination with Willis Towers Watson.
“We recognise the significant contributions these colleagues have made on behalf of our clients during their time with Aon. LCP shares with us a culture of innovation and excellence and we know these colleagues have a positive future at LCP.”
Aaron Punwani, CEO, Lane Clark and Peacock, added: “The German pensions consulting market is the third largest in the world, after the US and the UK, which makes it a natural place for LCP to achieve a leading position, mirroring what we have achieved in the UK in recent years.
“We see a meeting of minds with the knowledgeable and dynamic people who lead the business in Germany. We are truly excited about welcoming this fantastic team as part of LCP and achieving great things together for the benefit of our people and our clients.”