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.

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