AON - Arthur J. Gallagher is said close to acquiring Willis Towers Willis Re unit

Athur J. Gallagher (NYSE:AJG) is said to be close to a transaction to acquire Willis Towers Watson's (NASDAQ:WLTW) Willis Re unit, a deal that it had previously agreed to before Aon's  (NYSE:AON) deal with Willis Towers collapsed. Willis Towers gained 1.2% in premarket trading. AJ Gallagher and Willis Re are nearing an agreement that may be reached as soon as midweek, according to an Insurance Insider report. Terms of a deal aren't known, though its expected that AJG will pay "materially more" than the implied 9x Ebitda multiple of its $3.6B original "broader" deal with Willis Towers, according to the report. Willis Towers is set to release Q2 results tomorrow. Last week, Arthur J. Gallagher confirms termination of $3.57B deal with Willis Towers Watson. Last week, Aon upgraded, Arthur J. Gallagher cut at Raymond James after deal called off. Recall May 12, Aon and Willis Towers confirm deal to sell assets to Arthur

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Arthur J. Gallagher is said close to acquiring Willis Towers Willis Re unit