Human resources consulting and outsourcing firm Hewitt Associates Inc. (HEW) said Thursday that it has bought the remaining interest in Germany's BodeHewitt AG & Co. from Bayerische Hypo- und Vereinsbank AG.
Terms of the deal were not disclosed.
BodeHewitt has operated as a joint venture since 2005, providing corporate pension services to both trustees and management of German and international companies.
BodeHewitt and Hewitt combined will have 230 associates working from offices in Munich, Stuttgart, and Wiesbaden.
"Germany is a key market for us and this further strengthens our ability to serve our increasingly global clients with a top tier presence in all major countries, said Yvan Legris, president Global Consulting at Hewitt. "This acquisition will allow us to build on that progress by extending our broader capabilities in areas such as pension administration and investment consulting where the skills of both organizations complement each other extremely well."
Hewitt Associates shares are currently trading at $29.55, down 30 cents or 1.01%.
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