Aon, Willis Cancel $30 Billion Broker Deal Amid DOJ Impasse (3)

Aon Plc canceled its planned $30 billion takeover of Willis Towers Watson Plc after failing to convince U.S. officials that the combination, which would have created the world’s biggest insurance brokerage, wouldn’t hurt competition.

Aon will pay a $1 billion termination fee to Willis Towers, the companies said Monday in a statement. Willis Towers said separately that it had approved a $1 billion increase to its share-repurchase program.

The Justice Department sued to block the acquisition in June, saying the deal was anticompetitive. Mega-mergers are getting more difficult after the Biden administration earlier this month vowed to more heavily ...