Towers Perrin and Watson Wyatt, two of the world’s largest consultancies, have approved a definitive agreement to merge and to form a publicly listed company, Towers Watson & Co.

Based on the closing price of Watson Wyatt common stock on June 26, 2009, the implied equity value of the transaction is approximately $3.5 billion. Watson Wyatt CEO John Haley will serve the combined company as CEO; Towers Perrin CEO Mark Mactas will serve as president.

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