Aon Consulting, the global benefits and human capital consulting business of Aon Corp., announced it has signed a definitive agreement to acquire J.P. Morgan Compensation and Benefit Strategies, a division of J.P. Morgan Retirement Plan Services LLC.
J.P. Morgan Compensation and Benefit Strategies is a provider of compensation, retirement and health care actuarial services, and specializes in compliance, financial modeling and other key actuarial-based solutions related to employee benefits plan designs.
Through the deal, Aon Consulting says it enhanced its benefits consulting intellectual capital in key areas, including pension actuarial and advisory services. Aon also will have offices in 13 cities nationwide, including New York, Boston, Chicago, St. Louis, Dallas, Denver, Los Angeles and San Francisco.
"With this acquisition, we strengthen our geographic presence in key markets, adding approximately 150 new colleagues nationwide with deep technical knowledge, complementing our global team in providing employee benefit program solutions and services in areas such as complex union negotiations, benefit reimbursements for government contracts, and benefit issues unique to law firms and other professional services firms," said Kathryn Hayley, CEO of Aon Consulting. "This will be a seamless transition for current J.P. Morgan Compensation and Benefit Strategies clients, and will open up new opportunities and arenas of expertise for them and our existing Aon Consulting clients."
The transaction is expected to close by March 31, 2010. Financial terms of the deal were not disclosed.