Aon plans Willis Towers Watson buyout, could impact name of Chicago's tallest building

CHICAGO (WLS) -- Aon, a global financial risk consultant company, is planning to buy out competitor Willis Towers Watson. The deal, valued at about $30 billion, could potentially impact the name of Chicago's tallest building.

Currently, the Willis Tower's naming rights expire in 2024, but the companies expect the deal to close in 2021, pending shareholder approval. This announcement comes about a year after Aon said it was no longer considering a buyout of its rival.

If the deal goes as planned, Aon CEO Greg Case will run the combined company, which would aim to consolidate the two companies' assets.

Aon said Monday that the buyout would give Willis Towers stockholders slightly more than one Aon share for each of their shares in what amounts to a 16% premium to the stock's closing price Friday.

WLS-TV and the Associated Press contributed this story.