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Singapore Watchdog Scrutinizes Aon-Willis $30B Merger

 |  April 11, 2021

Singapore’s competition regulator on Friday, April 9, launched a public consultation over Aon’s proposed US$30 billion acquisition of Willis Towers Watson, and stated it would assess whether the proposed transaction could infringe competition law.

Singapore’s competition watchdog seeks to assess whether the proposed merger would infringe Section 54 of the Competition Act, which prohibits mergers that have resulted, or may be expected to result, in a substantial lessening of competition within any market in Singapore. 

The proposed transaction involves a merger of Aon and WTW in an all-stock transaction and will be implemented by a court-sanctioned scheme of arrangement under Irish law in accordance with the terms of a Business Combination Agreement signed on March 9 last year. After the merger, Aon will acquire the entire issued and to-be-issued share capital of WTW in exchange for shares of Aon.

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