The top 45 staff of Watson Wyatt, the British-based financial services consultancy are each set to collect a multimillion-dollar payout after agreeing to sell the firm to its sister organisation for $451 million.

The consultancy also has substantial operations in the Republic, but it is unclear whether or to what extent the Irish partners will benefit.

The cash and shares bonanza will be triggered following a move by Watson Wyatt and Company, which is listed in New York, to purchase the 80 per cent of the firm it does not already own.

The company's British operations operates as a limited liability partnership, and as a result is largely owned by its top management.

Watson Wyatt said that a further 195 second-tier partners, as well as associates and retired partners, would also share the sale proceeds. It would not disclose individual payouts.

Watson Wyatt and Company, which floated in 2001, said the purchase was driven by the demands of clients, who wanted to deal with a single global company. Watson Wyatt advises 75 per cent of the UK's leading 100 companies on issues including pensions and investments.

Rivals include Mercer Consulting and Hewitt Associates. Watson Wyatt's annual revenues to April 30th, 2004 were $436 million. The merged company, which will trade as Watson Wyatt Worldwide, will employ 6,000 people in 30 countries.

Watson Wyatt and Company said that the deal would be funded through issuing 11 million shares as well as cash of $158 million, using existing reserves. Watson Wyatt and Company said that further details regarding the deal, which has yet to be formally completed, would appear in a filing being prepared for the US Securities and Exchange Commission. - (Financial Times Service)