Aon To Sell German Retirement And Investment Business To Lane Clark & Peacock

(RTTNews) - Aon plc (AON), a professional services provider of risk, retirement and health solutions, announced Monday its agreement to sell its pensions consulting, pension insurance broking, pensions administration and investment consulting business in Germany to Lane Clark & Peacock LLP or LCP. The financial terms of the deal were not disclosed.

The divesting retirement and investment business includes 350 colleagues across five offices in Germany. The business will be rebranded as LCP upon close of the deal.

The transaction with LCP is contingent on the completion of the pending Aon and Willis Towers Watson combination, as well as other customary closing conditions.

Aon noted that the planned sale resolves questions raised by the European Commission with respect to the markets in which these businesses are active. Aon and Willis Towers Watson continue to work toward obtaining additional regulatory approval in all relevant jurisdictions, including the United States, where regulators are conducting an independent review of the proposed combination.

Greg Case, Aon's CEO, said, "This agreement demonstrates further momentum on the path to close our proposed combination with Willis Towers Watson."

Following close of the transaction, the UK-based occupational pensions consultancy LCP will become one of the largest pensions consultancy firms in Germany.