An announced acquisition of Willis Towers Watson PLC (WTW) by fellow insurance broker Aon PLC fell apart after the Dept. of Justice (DOJ) sued to block the transaction due to antitrust concerns. Experts say that the collapse of the deal — which would have created the world’s largest insurance broker — is proof of the Biden administration’s commitment to undoing consolidation, and they say WTW will likely reimagine its business, perhaps by acquiring smaller players.
“Despite regulatory momentum around the world, including the recent approval of our combination by the European Commission, we reached an impasse with the U.S. Department of Justice,” said Aon CEO Greg Case in a July 26 press release. “The DOJ position overlooks that our complementary businesses operate across broad, competitive areas of the economy. We are confident that the combination would have accelerated our shared ability to innovate on behalf of clients, but the inability to secure an expedited resolution of the litigation brought us to this point.”