London-based Willis Group Holdings has bought out its local broker partner and acquired 100% of Willis Kft, its joint-venture operation in Hungary, the website tradingmarkets.com reported on Tuesday.
Willis said it purchased the 20% stake from its Hungarian partner, Erix, which had bought the stake from Willis in 1997 and had been managing the operation. Terms of the transaction were not disclosed.
Doug Pritchard, managing director for Willis Czech Republic and Slovakia, has been appointed managing director of Willis Kft and will continue to be based in Prague, the company said in a statement. Willis said the acquisition is part of its plan to become the leading broker in Central and Eastern Europe.
Willis is the third-largest broker in the world, according to the Best’s Review ranking of global brokers based on 2007 brokerage revenue. (MTI-Econews)