Global professional services firm Aon plc has entered into a definitive agreement to sell certain businesses within its talent practice, specifically its Culture & Engagement, Leadership Development & Advisory and related products and services to Spencer Stuart, a leading executive search and leadership advisory firm. Cary Grace, CEO of Aon’s Retirement & Investment Solutions stated, “Aon’s investment strategy is centered on growth areas that support its vision to be a pre-eminent professional services firm. Selling the Culture, Engagement, and Leadership Development & Advisory businesses provides an opportunity for Spencer Stuart to create greater value for clients, given their focus on talent and leadership. In return, Aon has additional opportunities now to further focus its investments on new and enhanced solutions on behalf of our clients.” Aon will continue to remain in the talent business focused on its Rewards, Assessment and Performance capabilities that help organizations manage their people risks. Michael Burke, CEO of Aon’s Talent, Rewards & Performance business said, “As a prominent player in the talent and human capital space, Aon will continue to focus on our clients’ needs through solutions that have both strategic and growth alignment. Rewards, Assessment and Performance solutions also strategically align with other high-growth businesses across Aon. We have invested in market-leading capabilities and solutions and will continue to aggressively expand our capabilities in these areas to meet the evolving demands of our clients.” Meanwhile, the businesses which Spencer Stuart plans to buy involve about 550 employees in 26 countries, representing barely 0.1 percent of Aon's approximately 50,000 total employees. Other terms of the deal were not disclosed, which is expected to close in several months. Spencer Stuart CEO Ben Williams said in the statement, “Adding these capabilities from Aon will enable us to work with boards and C-suite leaders more closely on a matter of increasing importance to them.” The development comes as Aon evolves its portfolio to better serve clients’ emerging needs and drive profitable growth. The pending sale is designed to help accelerate investments in core growth areas and improve the return on invested capital for shareholders. In this direction, over the last three years, Aon acquired cut-e and CoCubes, two leaders in online talent assessments, to expand its assessment and selection capabilities globally.
Spencer Stuart is set to acquire Aon's talent sector businesses, involving about 550 staff in 26 countries. The deal is to be completed later in 2019 with further details undisclosed. The executive and hiring consultancy firm said the acquisition will help in its work with senior board members in the talent sector. Aon said the sale of its culture and engagement, and leadership development and advisory businesses will help Spencer Stuart give improved value to its clients. Aon confirmed it now intends to focus on improving its professional services offerings.