Aon and Willis Towers Watson said that the European Commission (EC) has given conditional approval for their proposed $30 billion merger deal.

The all-stock deal was announced in March 2020 by the parties to create the largest insurance broker in the world with an implied combined equity value of nearly $80 billion.

In a joint statement, Aon and Willis Towers Watson said: “This is a major step that demonstrates continued progress toward obtaining regulatory clearances for the proposed combination.

“Both firms operate across broad, competitive areas of the economy and believe this approval affirms that our proposed combination will accelerate innovation on behalf of clients, creating more choice in an already dynamic and competitive marketplace.”

Aon and Willis Towers Watson stated that they continue to be committed to the benefits of their merger and will work towards getting regulatory approval in all relevant jurisdictions.

The Aon, Willis Towers Watson merger continues to be subject to other regulatory approvals and clearances, which include required clearance of US antitrust laws along with other customary closing conditions.

Last month, Aon had signed two separate deals to sell its US retirement business to Aquiline Capital Partners and its Aon Retiree Health Exchange business to Alight Solutions for a total of $1.4 billion. The two deals are intended to address certain concerns raised by the US Department of Justice pertaining to its proposed merger with Willis Towers Watson.

  Aon, European Commission, Insurance acquisition news, Insurance industry news, Willis Towers Watson