Aon has agreed to acquire Willis Towers Watson for almost £22.9 billion in an all-stock deal to create one of the world’s largest insurance brokers – a combined value of around $80bn.

The company will be called Aon and will retain its operating headquarters in London. Upon completion, existing Aon shareholders will own approximately 63% of the combined company and existing Willis Towers Watson shareholders will own approximately 37%.

Willis Towers Watson CEO John Haley said  “The combination of Willis Towers Watson and Aon is a natural next step in our journey to better serve our clients in the areas of people, risk and capital.”

“This transaction accelerates that journey by providing our combined teams the opportunity to drive innovation more quickly and deliver more value.”

Aon’s CEO Greg Case. said “This combination will create a more innovative platform capable of delivering better outcomes for all stakeholders, including clients, colleagues, partners and investors.”

“Our world-class expertise across risk, retirement and health will accelerate the creation of new solutions that more efficiently match capital with unmet client needs in high-growth areas like cyber, delegated investments, intellectual property, climate risk and health solutions.”