An agreement between Aon Plc AON and Willis Towers Watson WLTW, to terminate their merger deal and end litigation with the U.S. Justice Department was announced Monday.
Originally announced in March 2020, the deal has been in the works since then.
We have reached an impasse with the U.S. Department of Justice, despite regulatory momentum around the world, including the recent approval of our combination by the European Commission.
Willis Towers will receive a termination fee of $1 billion from Aon. In conjunction with their second-quarter earnings, both companies will provide further financial updates and outlook.
As of July 30, Aon and Willis Towers are due to report their financial results. In premarket trading, Aon shares were up 2.8 percent, while Willis Towers shares were halted due to the news.