Willis Completes Acquisition Of French Insurance Broker Gras Savoye

(RTTNews) - Willis Group Holdings plc (WSH), a risk advisory, re/insurance broking, and human capital and benefits firm, Wednesday announced the completion of its acquisition of Gras Savoye, a French insurance broker.

It was on April 22, 2015 that Willis Group announced a firm offer to acquire the remaining 70 percent of Gras Savoye that it did not own. The transaction completed on December 29, following acceptance of the offer by Gras Savoye shareholders in late June, consultation with workers' councils, and the receipt of regulatory approvals.

The deal combines Willis's global footprint with Gras Savoye's particularly strong presence in France, Central and Eastern Europe, and across Africa.

Gras Savoye will keep its name and brand.

Further, the company noted that its previously announced merger of equals with Towers Watson (TW) is expected to be completed in early 2016. Gras Savoye will be a vital part of Willis Towers Watson.

Dominic Casserley, CEO of Willis Group, said, "Gras Savoye will also play a crucial role in the new Willis Towers Watson, which is set to launch in early 2016, pending completion of the merger. Together we will unite under a single vision to become the advisory, broking and solutions firm of choice."