Liberty Mutual has agreed to acquire Safeco Corp. (NYSE: SAF) for some $6.12 billion this morning. Liberty offered to purchase all outstanding common shares at $68.24 per share, representing roughly a 50% premium to the closing price on Tuesday.
Safeco sells $5.9 billion worth of insurance policies annually, compared to Liberty Mutual selling some $20 billion annually. The deal will create the country's fifth largest property insurer with a combined 15,000 independent agencies. Safeco will join Liberty Mutual's Agency Markets business unit.
The boards of both companies have approved the merger and the deal is expected to close by the end of the third quarter upon regulatory and shareholder approval.
Continue reading on 247WallSt.com.
After Safeco, are more insurance mergers coming?
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