Symetra Financial To Be Acquired By Sumitomo Life Of Japan For $3.8 Bln

(RTTNews) - Symetra Financial Corp. (SYA) Tuesday announced a definitive merger agreement to be acquired by Sumitomo Life Insurance Co. for around $3.8 billion. The deal includes a $32 per share in cash and a previously announced special dividend of $0.50 per share in cash, payable on August 28 shareholders on record August 10, 2015. The transaction represents a 32 premium over Symetra's average stock price of $24.64 for the 30 days ending August 5, 2015. Sumitomo Life is a life insurer in Japan with multi-channel, multi-product life insurance businesses and provides traditional mortality life insurance, nursing care, medical care and retirement plans. Further to the merger, Symetra will become Sumitomo Life's platform in the U.S. Symetra will maintain its current brand, employees, distribution channels and product mix. White Mountains and Berkshire Hathaway, representing approximately 18 and 17 percent ownership of Symetra have agreed to vote in favor of the transaction. The transaction is expected to close late in the first quarter or early in the second quarter of 2016. Masahiro Hashimoto, president and CEO of Sumitomo Life said, "e are confident that this transaction will further enhance our financial and earnings foundation by expanding the size of overseas revenues, diversifying the revenue base and thereby enabling us to build a well-balanced overseas business portfolio across Asia and the United States."