Global professional services firm Aon has signed a definitive agreement to sell certain businesses within its talent portfolio to executive search and leadership advisory organisation Spencer Stuart.
The agreement primarily covers Aon’s culture and engagement practice and its leadership development and advisory practice, as well as related products and services.
The pending sale, announced on 17 April 2019, has been designed to help Aon accelerate its growth across core business areas, as well as improve the return on invested capital for its shareholders. The definitive agreement also aims to demonstrate how Aon is evolving its portfolio to serve clients’ emerging needs and deliver profitable growth.
Cary Grace, chief executive officer, retirement and investment solutions at Aon, said: “Aon’s investment strategy is centred on growth areas that support its vision to be a pre-eminent professional services firm. Selling the culture, engagement and leadership development and advisory businesses provides an opportunity for Spencer Stuart to create greater value for clients, given [its] focus on talent and leadership. In return, Aon has additional opportunities now to further focus its investments on new and enhanced solutions on behalf of clients.”
Aon, which has 50,000 staff across 120 countries, will continue to operate its talent practices within the rewards, assessment and performance capabilities.
Michael Burke, chief executive officer, talent, rewards and performance at Aon, added: “As a prominent player in the talent and human capital space, Aon will continue to focus on [its] clients’ needs through solutions that have both strategic and growth alignment. Rewards, assessment and performance solutions also strategically align with other high-growth business areas across Aon.
“We have invested in market-leading capabilities and solutions and will continue to aggressively expand our capabilities in these areas to meet the evolving demands of our clients.”