was successfully added to your cart.

Sumitomo Life To Acquire Symetra Financial

By August 11, 2015News

BELLEVUE, Wash.–(BUSINESS WIRE)– Symetra Financial Corporation (NYSE: SYA) (“Symetra”) today announced that it has entered into a definitive merger agreement with Sumitomo Life Insurance Company (“Sumitomo Life”) pursuant to which Sumitomo Life will acquire all of the outstanding shares of Symetra. Symetra shareholders will receive $32.00 per share in cash at closing, plus a previously announced special dividend of $0.50 per share in cash, which is payable on August 28, 2015 to Symetra shareholders of record as of August 10, 2015. The amount of the special dividend was established in connection with the determination of the total combined transaction consideration. The total combined transaction consideration of $32.50 per share is approximately $3.8 billion in aggregate and represents a 32% premium over Symetra’s average stock price of $24.64 for the 30 days ending August 5, 2015.

Sumitomo Life, founded in 1907 and headquartered in Tokyo and Osaka, Japan, is a leading life insurer in Japan with multi-channel, multi-product life insurance businesses. Sumitomo Life provides traditional mortality life insurance, nursing care, medical care and retirement plans through sales representatives, insurance outlets, the Internet and bancassurance. As of March 31, 2015, Sumitomo Life had $229 billion in assets, approximately 6.8 million customers and 42,000 employees.

Leave a Reply

Here at Davenport Benefits, we want to make sure that our clients are informed with up-to-date information on COVID-19 in order to benefit the health and safety of our communities. Below, we have compiled verified news sources with current updates and announcements regarding the handling of the coronavirus in our region. Please continue to check back for the most recent information, and consider sharing with your friends and family on social media.

Click Here For Updates