(Bloomberg) -- Willis Group Holdings Plc, the world’s third-largest insurance broker, and risk adviser Towers Watson & Co. agreed to an all-stock merger creating a firm with a combined market value of $18 billion.

Towers Watson shareholders will receive 2.649 Willis shares for each share they own and a one-time cash dividend of $4.87 a share, according to a statement Tuesday. The combined company, of which Willis will own 50.1 percent, will be named Willis Towers Watson and be domiciled in Ireland.

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