One year after having announced, then cancelled plans to merge with Willis Towers Watson (WTW), Aon in March 2020 announced an agreement to acquire WTW in what will be the industry’s largest ever merger.

The purchase price is $30bn, paid in Aon shares, and the combined firm is valued at around $80b.

Regulatory requirements may make a comprehensive takeover of WTW by Aon difficult, given that Aon and WTW are the second- and third-largest global insurance brokerages and consulting firms. The new firm may be required to shed lines of business in some countries where both Aon and WTW have a large presence.