The European Commission has approved its $5.6 billion acquisition of Jardine Lloyd Thompson Group plc, said Marsh & McLennan Cos. (MMC) March 22 t.


With the approvals from European Commission, all regulatory and competition authority approvals required to close the transaction have now been satisfied, said MMC.


A hearing at the UK High Court has been set for March 29, 2019. Subject to the court’s approval, the transaction is expected to close on April 1, MMC affirmed.


The deal was first announced in September 2018.


The $5.6 billion deal, which was hammered out in about 11 days between MMC CEO Dan Glaser and JLT Group CEO Dominic Burke, looks to b one of the largest ever involving insurance brokers. Last year, KKR & Co. and Canada’s Caisse de Depot et Placement du Quebec acquired USI Insurance Services for $4.3 billion.


JLT shareholders approved the deal last November. The U.S. Federal Trade Commission and Justice Department cleared the deal of anti-trust concerns in October.


On Sept. 18, MMC agreed to buy JLT for about 4.3 billion pounds ($5.6 billion) to expand its global offering of reinsurance and consulting services. MMC agreed to give JLT shareholders, including Jaardine Matheson Holdings that owns 40 percent, 19.15 pounds-a-share ($25.11M), which is a 34 percent premium to JLT’s closing price on Sept.17 and 25 times JLT’s estimated 2019 earnings.

MMC said it aims to become the world’s leading company offering advice on risk, strategy and personnel. The purchase of JLT will strengthen MMC’s specialty risk broking, expand its global reinsurance network and enhance its position in Asia and Latin America, the firm said.


MMC’s revenues will be an estimated $17 billion as a result of the acquisition.