Global insurance broker Arthur J. Gallagher is in talks with Aon and Willis Towers Watson (WTW) over the potential acquisition of a portfolio of assets, which includes Willis Re, reports Bloomberg.
Bloomberg, citing people familiar with the matter, has reported that an agreement could be reached in the coming weeks.
According to the people, the $3 billion deal includes assets in Germany, Spain, France, and the Netherlands, as well as reinsurance brokerage Willis Re.
While talks are believed to be underway over the sale of the assets, people familiar with the matter have said that no final decision has been made and that the structure of the deal could change, and discussions could even fall through.
Last month, it was reported that Aon had offered to sell assets in a number of EU countries in order to gain EU antitrust approval for its proposed combination with WTW.
In response, the European Commission (EC) sought feedback from competitors and potential buyers of divestment assets, before extending its deadline to come to a final decision on the merger into August.
Specialist publisher The Capital Forum has reported that the EC is now close to giving its approval to the deal and that this could come at any time.
While European Commission executive, Margrethe Vestager, is said to be supporting the deal.
Update, May 12th 2021: Global re/insurance brokers Aon and Willis Towers Watson (WTW) have now signed a definitive agreement to sell Willis Re and a number of other WTW assets to Arthur J. Gallagher & Co. (Gallagher), for a total consideration of $3.57 billion.