Bid a fond farewell to Towers, Perrin, Forster & Crosby. And an adios to Watson Wyatt Worldwide, Inc.
The two companies are merging into a new, publicly listed company called Towers Watson & Co. in an all-stock transaction valued at $3.5 billion.
Watson Wyatt CEO John Haley will serve the combined company as Chief Executive Officer, while Towers Perrin CEO Mark Mactas will serve as President.
In a statement, Mactas said this is an “important transaction for our respective organizations that positions us well for a future of accelerated growth and higher levels of profitability.” He added that “our service lines and geographic strengths are also highly complementary, which creates great opportunities for growth. We couldn’t be more excited about this combination, which will change the landscape of our industry.”
In an interview with Reuters, Arlington, Virginia-based Watson and Stamford, Connecticut-based Towers said the combined companies’ headquarters will be in the Northeast, but not located at either of the current locations.