Milbank Advises Towers Perrin on $3.5 Billion Merger with Watson Wyatt
New Company Positioned for Sustainable Growth and Profitability
NEW YORK, June 30, 2009 – International law firm Milbank, Tweed, Hadley & McCloy LLP announced today its role as legal advisor to Towers, Perrin, Forster & Crosby, Inc. ("Towers Perrin") in its agreement to combine in a merger of equals with Watson Wyatt Worldwide, Inc. (NYSE, NASDAQ: WW) ("Watson Wyatt"). The $3.5 billion merger, which was announced June 28, forms a publicly listed company to be called Towers Watson & Co.
"This is an important transaction for our respective organizations that positions us well for a future of accelerated growth and higher levels of profitability," Towers Perrin Chief Executive Officer Mark Mactas said in a written statement. The new professional services firm is expected to have annual revenues in excess of $3 billion.
The New York-based Milbank attorneys representing Towers Perrin included partners Charles J. Conroy and Roland Hlawaty and associates Brian P. Kelly, Gus Cheliotis, David S. Schwartz, Alison S. Fraser, Elad Roisman, George A. Esposito, Jr., Peter Heller, Matthew Thiel and John Timmermann of the Global Corporate Department; partner Arnold B. Peinado, III, and associates Steven Sandretto and Pedro Reyes of the Global Securities Department; partner Paul J. Wessel of the Executive Compensation and Employee Benefits Group; partner Russell J. Kestenbaum and associates Stacey A. Mesler, Drew Batkin and Naomi L. Slavinski of the Tax Department; and partner Alan J. Stone and of counsel Charles W. Westland of the Litigation Department. The London-based Milbank attorneys representing Towers Perrin included partner Stuart Harray of the Global Corporate Department as well as partner Russell Jacobs and associate Matthew Mortimer of the Tax Department.
About Towers Perrin
Towers Perrin is a global professional services firm that helps organizations improve performance through effective people, risk and financial management. The firm provides innovative solutions in the areas of human capital strategy, program design and management, and in the areas of risk and capital management, insurance and reinsurance intermediary services, and actuarial consulting. Towers Perrin has 6,300 employees located in 26 countries and is located on the Web at www.towersperrin.com.
About Watson Wyatt
Watson Wyatt (NYSE, NASDAQ: WW) is the trusted business partner to the world's leading organizations on people and financial issues. The firm’s global services include: managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice to insurance and financial services companies; and delivering related technology, outsourcing and data services. Watson Wyatt has 7,700 associates in 34 countries and is located on the Web at www.watsonwyatt.com.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance, project finance, acquisition finance, and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The Firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo, and Washington, DC.