Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced the firm has signed a definitive agreement to sell its pensions consulting, pension insurance broking, pensions administration and investment consulting business in Germany to Lane Clark & Peacock LLP (LCP).

The agreement resolves questions raised by the European Commission with respect to the markets in which these businesses are active. Aon and Willis Towers Watson continue to work toward obtaining additional regulatory approval in all relevant jurisdictions, including the United States, where regulators are conducting an independent review of the proposed combination.

"This agreement demonstrates further momentum on the path to close our proposed combination with Willis Towers Watson," said Greg Case, Aon's CEO. "We recognize the significant contributions these colleagues have made on behalf of our clients during their time with Aon. LCP shares with us a culture of innovation and excellence and we know these colleagues have a positive future at LCP."

LCP is the leading independent, owner-managed pensions, investment and insurance consultancy in the UK and Ireland. The acquisition builds on a period of growth for LCP, which posted record income of £126.5 million during FY 2019-2020, an increase of 10.1 percent driven by success across a wide range of sectors. With a significant market share in Germany, the acquisition gives LCP a leading market position in this important market for pensions consulting and related services.

"A key part of LCP's strategy is diversifying the business into different markets with long-term growth potential," said Aaron Punwani, LCP's CEO. "The German pensions consulting market is the third largest in the world, after the U.S. and the UK, which makes it a natural place for LCP to achieve a leading position, mirroring what we have achieved in the UK in recent years."

Punwani added, "We see a meeting of minds with the knowledgeable and dynamic people who lead the business in Germany. We are truly excited about welcoming this fantastic team as part of LCP and achieving great things together for the benefit of our people and our clients."

The retirement and investment business LCP will acquire includes 350 colleagues across five offices in Germany and will be rebranded as LCP upon close of the transaction. The transaction with LCP is contingent on the completion of the pending Aon and Willis Towers Watson combination, as well as other customary closing conditions.