EU regulator approves Marsh-JLT merger; date set for final completion
The European Commission has approved Marsh & McLennan Companies' (MMC's) acquisition of re/insurance broker Jardine Lloyd Thompson Group (JLT), conditional on the divestment of JLT's global aerospace practice.
The companies now expect the $6.4 billion deal to close on April 1, subject to court's approval. A hearing at the UK High Court has been set for March 29.
The move comes shortly after MMC agreed to sell JLT's aerospace business to Arthur J Gallagher to address a potential overlap identified by the European Commission’s Phase 1 review of MMC’s acquisition of JLT.
The commission was concerned that the transaction would have negatively affected competition in the insurance brokerage markets for the specialties of aircraft operators and aerospace manufacturing, and could have led to higher prices, less choice and lower quality of services in these markets.
Marsh has confirmed that all regulatory and competition authority approvals required to close the transaction have now been satisfied.
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