Insurance brokerage Aon PLC has agreed to merge with rival Willis Towers Watson in an all-stock transaction with a value of roughly $30 billion, a year after discussions of a planned takeover fell through.

Shareholders of Willis Towers Watson will receive 1.08 Aon shares for each Willis Towers Watson share, representing a roughly 16% premium to Willis Towers’ Friday closing share price of $199.71.

Aon…

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