Willis Group finishes Hilb Rogal & Hobbs purchase

Willis had said in June that it would buy the company for $1.67 billion.

Under the deal, Hilb shareholders were able to decide if they wanted cash, Willis common shares, or a combination of the two; Willis said that based on preliminary results it thinks 55 percent of the acquisition price will be in cash, and 45 percent in stock.

The acquisition doubles Willis' North America revenue and increases its presence to 210 locations from 70 in the region.

With the completion of the deal, Willis North America retail operation is going to be renamed Willis HRH. Don Bailey will remain chief executive of the unit, and Mike Crowley--who had been president and chief operating officer of Hilb--will be president.

Mell Vaughan, who had been chairman and CEO of Hilb, will be vice chairman of Willis.

Hilb shares were expected to be delisted from the New York Stock Exchange at the end of Wednesday trading.

Willis shares rose 5 cents in after-hours trading, after finishing regular trading down 14 cents at $32.12.