Marsh ups risk biz with Kroll buyout
NEW YORK - Risk management firm Marsh & McLennan is buying one of the most well-known names in corporate security, Kroll Inc., in a $1.9 billion deal that brings together two firms with similar objectives.
In a conference call about the acquisition, Jeffrey Greenberg, chairman, president and chief executive officer of Marsh & McLennan, characterized each company as unique.
Ã¢â‚¬Å“What we see here is a combination of two growth businesses in risk services. ItÃ¢â‚¬â„¢s a powerful strategic fit,Ã¢â‚¬Â he said. Ã¢â‚¬Å“The combination, we think, will accelerate the expansion of our risk services business, where we see growing client demand.Ã¢â‚¬Â
Buying Kroll provides the risk management with data recovery and corporate detective work expertise. Kroll employs 3,200 people will help Marsh & LennanÃ¢â‚¬â„¢s risk-related consulting and processing business grow to approximately 10 percent of its $11 billion in revenue.
According to Greenberg, he approached Jules Kroll, founder of Kroll Inc., in February about a potential acquisition.The companies expect to complete the merger in the third quarter of this year.