Dec 10 (Reuters) – Insurance broker Willis Towers Watson will buy Newfront in a deal valued up to $1.3 billion, the company said on Wednesday.
The deal will be through a $1.05 billion upfront payment that includes about $900 million in cash and $150 million in equity, with an additional contingent payout of up to $250 million, mainly in equity.
It will broaden Willis Towers Watson’s U.S. middle-market footprint and add scale in sectors such as technology, fintech and life sciences, the company said.
“This combination accelerates our technology and specialty strategies, and enables the delivery of an integrated, end-to-end technology platform that will drive growth, enhance operational efficiency and better serve our clients,” said Carl Hess, CEO of Willis Towers Watson.
(Reporting by Pritam Biswas in Bengaluru; Editing by Mrigank Dhaniwala)
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