Mercer Human Resource Consulting is expanding in Norway and Sweden, having entered definite agreements to acquire parts of Benefit Network ASA and Benefit Network Consulting AS.
Mercer has announced that it “has entered into a definitive agreement” with the two companies to acquire their consulting, brokerage, administration and communication business in Norway and Sweden. The terms of the agreement were not disclosed.
The acquisition also includes Benefit Network’s Swedish subsidiary Pensionsservice AB.
The acquisition will add 45 Benefit Network employees to Mercer’s Norwegian and Swedish operations. Mercer will then have 59 employees in Oslo and Trondheim, and 62 employees in Stockholm, Gothenburg and Malmo.
Edouard Merette, Mercer’s executive vice president of European operations, says that the acquisition would act as a response “to the new business environment in the Nordic region, with its rapid change from commission-based to fee-based financial relationships with clients”.
“During the last few years, Benefit Network has established its position as the leading consultancy in the Nordic region, and the Norwegian market in particular.
“By adding Benefit Network’s experts to Mercer’s existing talent base in Norway and Sweden, we are uniquely positioned to help domestic employers, multinationals headquartered in the Nordic region and global organisations with operations in the region,” adds Merette.
The move follows a series of acquisitions in Europe by the US-based company. In September is took on up to 38 pension staff in a deal with PricewaterhouseCoopers in Germany and in April it bought the German actuarial services division of KPMG.