WLTW - Aon to sell retirement and investment business in Germany to resolve EC concerns

Aon (AON) agrees to sell its pensions consulting, pension insurance broking, pensions administration, and investment consulting business in Germany to Lane Clark & Peacock, as part of Aon's remedies to European antitrust concerns over its proposed acquisition of Willis Towers Watson (WLTW)."The agreement resolves questions raised by the European Commission with respect to the markets in which these businesses are active," Aon said in a statement.Last week, Aon agreed to sell WLTW's Willis Re and a set of WLTW corporate risk and broking and health and benefits services to Arthur J. Gallagher for $3.57B.The retirement and investment business that LCP will acquire includes 350 employees across five offices in Germany.Terms of the deal weren't disclosed.Aon and WLTW are continuing to work toward obtaining regulatory approvals across all relevant jurisdictions, including the U.S., where regulators are conducting an independent review of the proposed combination.

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Aon to sell retirement and investment business in Germany to resolve EC concerns