GERMANY - Watson Wyatt has completed its acquisition of Heissmann, Germany's leading pensions actuarial and pensions consulting firm with 360 employees and annual revenues of above €50m.
Financial details of the deal have not been disclosed, as was the case when it was first announced in May, and all Watson Wyatt and Heissmann business activities have been renamed Watson Wyatt Heissmann.
Beyond absorbing Heissmann in Germany, Watson Wyatt gains consulting operations in four other European countries, including Ireland, the Netherlands, France and Austria.
These operations employ 60 people, while the German operation employs 300.
Commenting on the completion of the acquisition, Boy-Jürgen Andresen, managing director of Watson Wyatt Heissmann, said: "The global consulting strength of Watson Wyatt has grown rapidly in recent years, and we are excited at the prospect of being part of that. Becoming part of Watson Wyatt provides considerable benefits not only for our operations but, more importantly, for our clients."
Heissmann's operations in Belgium, Spain and the UK have, meanwhile, been ceded to Buck Consultants, Heissmann's former international partner and shareholder.
Other major shareholders in Heissmann, who sold their stakes to Watson Wyatt, were German insurance giant Allianz as well as Heissmann's partners.
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