WTW to acquire Newfront for $1.3B to expand U.S. middle-market and tech capabilities

WILLIS TOWERS WATSON PLC

Upfront payment of $1.05B ($900M cash + $150M equity) plus up to $250M contingent consideration; total $1.3B.
Newfront grew organic revenue at 20% CAGR (2018-2024) with 120+ producers; specializes in tech, fintech, life sciences.
Expected close Q1 2026, subject to regulatory approvals; cost synergies ~$35M run-rate by 2028.
Transaction ~$0.10 dilutive to Adjusted EPS in 2026, accretive in 2027; integration costs ~$130M ($100M cash + $30M non-cash).
Combines Newfront's Navigator+agentic AI with WTW's Neuron for end-to-end digital ecosystem.

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