Watson Wyatt announced the intention to acquire Heissmann, a German actuarial, benefits and human resources consultantcy.
According to the letter of intent, Watson Wyatt plans to acquire 100% of the operations of Dr. Dr. Heissmann GmbH in Germany, including its subsidiaries in Ireland, the Netherlands, France and Austria. The companies are aiming to sign a definitive agreement by the beginning of July, subject to obtaining the necessary regulatory consents.
Headquartered in Wiesbaden and established in 1955, Heissmann employs a staff of 360, including 300 people in Germany. The firm has total annual revenues of more than $67 million.
Watson Wyatt currently has offices across 12 European countries -- Belgium, France, Germany, Hungary, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The purchase of Heissmann will be Watson Wyatt's second acquisition in Europe this year; the company acquired Watson Wyatt Brans & Co., its long-time partner in the Netherlands, in February.
Source(s): Watson Wyatt Worldwide