Willis Group (WSH) and Hilb Rogal & Hobbs (HRH) To Combine in $2.1B Deal
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Willis Group Holdings Limited (NYSE: WSH) and Hilb Rogal & Hobbs Company (NYSE: HRH) announced plans to combine in a transaction that will double Willis's North America revenues and strengthen its leadership in attractive growth markets.
Under the terms of the definitive agreement, Willis will acquire all of the outstanding shares of common stock of HRH for $46.00 per share, 50 percent cash and 50 percent stock, subject to a collar.
The total purchase price of $2.1 billion represents a multiple of 2.4 times estimated 2008 HRH revenues and less than 10 times estimated 2008 EBITDA (defined as earnings before interest expense, income taxes, depreciation and amortization), including the assumption of an estimated $400 million of HRH debt. Annualized synergies are expected to amount to approximately $140 million by 2012. Over time, Willis plans to repurchase a majority of the shares issued in connection with the transaction under its previously approved $1 billion buyback plan.
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