Aon Corp. (NYSE: AON), a provider of risk management and HR solutions, plans to move its corporate headquarters to London.
Aon believes the move will have several near- and long-term financial benefits, including increased financial flexibility and improved capital allocation.
As part of this move, Chicago will continue as headquarters of the Americas for Aon. Building on its base of 6,000 employees in Chicagoland, Aon will be moving 750 jobs into the Aon Center in downtown Chicago where the company recently signed a letter-of-intent for a 15-year lease.
"Chicago is the foundation of one of our most important markets, and as the headquarters of the Americas will continue to be central to the success of the firm," said CEO Greg Case. Aon plans to add more than 1,000 positions across its US operations in 2012 based on continued growth and investment opportunities. The move will not cause job loss in either Chicago or the US.
As part of its global growth strategy, Aon will change its jurisdiction of incorporation from Delaware to England. The change in corporate domicile will occur through a transaction that will require stockholder approval, and if approved, each stockholder will be entitled to receive one Class A Ordinary Share (US dollar denominated) of the newly formed English public limited company in exchange for each share of common stock of Aon the stockholder holds. Aon UK expects to be listed on the NYSE and to report earnings and other financial statements in accordance with Securities and Exchange Commission regulations, including dollar denominated financial statements. The transaction is anticipated to close in the second quarter of 2012.