JLT shareholders approve $6.4bn merger with Marsh
Jardine Lloyd Thompson Group’s shareholders have approved the $6.4 billion acquisition deal of JLT by Marsh & McLennan Companies (MMC).
99.9 percent of JLT shareholders are said to have voted in favour of the transaction. The acquisition was first announced in September 2018 when the board of directors of both companies approved the transaction.
“Today’s vote is an important milestone. The process of planning the future of Marsh & McLennan and JLT together now begins in earnest," said Dan Glaser, CEO of MMC. "The colleagues I’ve met at town halls are enthusiastic about bringing the best of both organizations together for the benefit of our clients."
Glaser added: “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."
The deal will be funded by a combination of cash on hand and proceeds from debt financing. The total cash consideration would be $5.6 billion in fully diluted equity value while the total estimated enterprise value is $6.4 billion.