AON - Willis Towers Watson launches $1B stock buyback program after Aon deal ends
Melpomenem/iStock via Getty Images Willis Towers Watson's (WLTW) board approves an increase of $1B to its existing share repurchase program, which has ~$500M remaining on its current open-ended repurchase authority. The move comes as WLTW gets a $1B termination fee from Aon ([[AON]] +7.0%) after the two companies scrapped their proposed merger when they couldn't reach an agreement with the U.S. Department of Justice. The company plans to use the authorization this year and next. The share repurchase program has no termination date and may be suspended or discontinued at any time. WLTW also expects to use significant capital generated by cash flow from operating and non-operating activities to increase in investment in organic and inorganic growth opportunities over the next three years, it said in a statement. Earlier, Aon terminates deal to acquire Willis Towers Watson after deadlock with DOJ.
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Willis Towers Watson launches $1B stock buyback program after Aon deal ends