Liberty Mutual Group announced that the Washington insurance commissioner has approved Liberty Mutual’s acquisition of Safeco, which was the last approval required for Safeco’s acquisition by Liberty Mutual.
The acquisition of Safeco is scheduled to close on Monday, Sept. 22, 2008. Shares of common stock of Safeco will continue trading on the New York Stock Exchange through the close of business on Monday, and thereafter will be delisted from the NYSE.
Under the terms of the merger agreement, Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share in cash. The transaction is not subject to financing contingencies.
Boston-based Liberty Mutual Group is a diversified global insurer and sixth largest property and casualty insurer in the U.S. based on 2007 direct written premium. As of Dec. 31, 2007, Liberty Mutual Group had $94.7 billion in consolidated assets, $82.3 billion in consolidated liabilities, and $25.9 billion in annual consolidated revenue.
Liberty Mutual Group employs 41,000 people in more than 900 offices throughout the world.
Source: Liberty Mutual Group
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