Asset consultants Watson Wyatt Worldwide and Towers, Perrin, Forster & Crosby have agreed to merge and form a new, publicly listed company called Towers Watson & Co.
The value of the transaction is around $4.34 billion based on the closing price of Watson Wyatt's common stock on 26 June, 2009.
Watson Wyatt chief executive officer John Haley will serve the combined company in the same role and Towers Perrin chief executive officer Mark Mactas will be president of the new entity.
"The combination of Towers Perrin and Watson Wyatt into Towers Watson will create one of the world's leading professional services firms, well positioned for sustained growth and profitability across all geographies and business segments," Haley said.
Towers Perrin's Australian business merged with Russell in September 2004.
