Mercer parent company to buy JLT Group for $5.6bn

first_imgIn its statement, MMC said the purchase “accelerates MMC’s strategy to be the preeminent global firm in the areas of risk, strategy and people”. Investors in JLT – which is currently listed on the London Stock Exchange and is a constituent of the FTSE 250 index – will receive £19.15 a share in cash, representing a premium of 33.7% based on JLT’s closing share price on 17 September. JLT’s largest shareholder, Jardine Matheson Holdings, has already confirmed support for the deal, as have JLT directors.The transaction has also been aided by a $5.2bn bridging loan provided by Goldman Sachs.MMC estimated that integrating the company into its structure would cost $375m, but generate annual cost savings of $250m over the next three years.The deal is expected to complete in the spring of next year, subject to regulatory approval.Investment consultants and fiduciary managers in the UK are currently the subject of an inquiry by the Competition and Markets Authority. Marsh & McLennan Companies (MMC), the parent company to investment consulting giant Mercer, has announced a $5.6bn (€4.8bn) deal to acquire Jardine Lloyd Thompson Group.JLT Group is one of Mercer’s main competitors in the pension scheme advisory market in the UK, and also provides insurance, reinsurance and brokerage services.Dan Glaser, CEO and president of MMC, said in a statement to the stock market this morning that the two firms were a “complementary fit” and would create “a platform to deliver exceptional service to clients and opportunities for our colleagues”.Dominic Burke, JLT Group’s chief executive, will join MMC as vice chairman following completion of the transaction. He said: “MMC is, and always has been, one of our most respected competitors and I believe that, combined, we will create a group that will truly stand as a beacon for our industry.”last_img read more

Bradley Chubb injury update: Broncos linebacker (ACL) out for season

first_img Mitchell Trubisky injury update: Bears QB has dislocated left shoulder, report says “He (Chubb) was as surprised I think as anybody this morning when he woke up feeling the way he did.”Chubb, the No. 5 pick from the 2018 NFL Draft, has helped form a dynamic pass-rushing duo alongside linebacker Von Miller and is one of the more promising young players in the league.Chubb totaled 60 tackles and 12 sacks as a rookie last season, and his absence will certainly hurt a Broncos team struggling with its defensive identity.Denver ranks 25th in the NFL with only five sacks this year after tallying 44 in 2018 — the eighth-highest mark in the league.The winless Broncos will travel to Los Angeles to face the Chargers (2-2) Sunday, and Chubb’s impact will be missed. The pass-rusher exited the Broncos’ 26-24 loss to Jacksonville in Week 4 with cramps before returning later on, but Fangio confirmed the cramping was separate from Chubb’s knee injury.”Well he did have cramps. That was separate,” Fangio said. “Then he did hurt his knee at some point in the game, but he felt good enough to come back in.” Related News Sam Darnold update: Jets QB (mono) cleared for non-contact drillscenter_img Bradley Chubb’s 2019 season has been cut short.Denver coach Vic Fangio announced Monday that Chubb tore his ACL Sunday and won’t play again in 2019. “It’s a huge loss. He’s one of our better players. …Great player, person, leader, all that,” Fangio said.last_img read more