Aon Corp. announced Monday it is buying Hewitt Associates for $4.9 billion, with the aim of creating the world’s leading “human capital solutions” company. The combined company will be called Aon Hewitt.

The deal has been approved by the boards of directors of both companies and is expected to close in November. The merger is valued at $50 per Hewitt share, a 41% premium over Hewitt’s closing stock price of $35.40 on Friday.

Hewitt serves more than 3,000 corporations, institutions, not-for-profits and government agencies around the world. Aon did not disclose the number of clients that its benefits consultancy serves but said it has more than 36,000 associates in 500 offices out of more than 120 countries.

Russ Fradin, chairman and chief executive officer of Hewitt, will serve as chairman and CEO of Aon Hewitt, reporting to Greg Case, Aon Corp. CEO. “This agreement reflects our ongoing efforts to ensure that Aon’s associates, capabilities and technology remain at the forefront of our industry, providing distinctive client value," Aon CEO Case said.

“As we continue to grow our business, this merger will give us a broader portfolio of innovative products and services focused on what we believe are two of the most important topics in the global economy today: Risk and people,” Case added.

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