Aon Plc AON, +6.83% and Willis Towers Watson WLTW, -5.06% said Monday they have reached a mutual agreement to terminate their merger deal and end litigation with the U.S. Justice Department. The deal was first announced in March of 2020. “Despite regulatory momentum around the world, including the recent approval of our combination by the European Commission, we reached an impasse with the U.S. Department of Justice,” said Aon CEO Greg Case. Aon will pay Willis Towers a termination fee of $1 billion. Both companies will provide further financial updates and outlook with their second-quarter earnings. Aon is due to report on July 30 and Willis Towers on Aug. 3. Aon shares were up 2.8% premarket, while Willis Towers shares were halted for the news.
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