Chicago based insurance conglomerate Aon Corp. has agreed to buy human resources specialist Hewitt Associates for $4.9 billion in a cash-and-stock deal that will almost triple the size of its consulting arm.
Assuming it is approved by regulators, the deal, which values Hewitt at $50 per share, will be Aon’s biggest ever merger. Although it is the world’s largest insurance broker, Aon’s consulting business lags behind rival Marsh & McLennan Co.