WILLIS TOWERS WATSON PLC (WTW): restructuring charge — WTW to sell TRANZACT for $632.4M; expects Q3 impairment charges of $1.6–$2.1B

WILLIS TOWERS WATSON PLC

Sale to GTCR and Recognize at $632.4M subject to adjustments; expected close by end of 2024.
Non-cash pre-tax impairment of $1.6–$2.1B due to held-for-sale classification, recorded in Q3.
CEO Carl Hess says divestiture sharpens focus on B2B/B2B2C and accelerates free cash flow margin expansion.
Advisors: BofA Securities and Lazard financial; Weil, Gotshal & Manges legal.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

WILLIS TOWERS WATSON PLC announced a impairment with charges of $1.6 billion to $2.1 billion affecting TRANZACT Business.

Type: impairment
Charge: $1.6 billion to $2.1 billion
Affected area: TRANZACT Business

Exact text from the filing

the Company currently expects to record in the third quarter non-cash pre-tax losses and related impairment charges estimated to be between $1.6 billion to $2.1 billion, which reflect a write-down of the net assets of the TRANZACT Business in order to adjust them to fair value (less estimated transaction costs), pursuant to held-for-sale accounting, and a write-down of goodwill at the Benefits, Delivery & Administration reporting unit

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WILLIS TOWERS WATSON PLC filing history →

Source: SEC EDGAR

accession 0001193125-24-229588

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