By Dave Sebastian

Aon PLC and Willis Towers Watson said they have agreed to sell Willis Re and a set of Willis Towers Watson corporate risk and broking and health and benefits services to Arthur J. Gallagher & Co. for $3.57 billion.

The companies on Wednesday said the divestiture takes them closer to their proposed combination, as it addresses questions raised by the European Commission.

They said they also intend the transaction to address questions raised by regulators in other jurisdictions. The companies said they are working to obtain additional regulatory approval in relevant jurisdictions, including the U.S.

The pending combination could grow revenue, save $800 million in costs and add to adjusted earnings, the companies said.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

May 12, 2021 08:24 ET (12:24 GMT)

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