Spain's largest insurer, MAPFRE S.A. and the Webster, Mass.-based Commerce Group, Inc. have signed an agreement for MAPFRE to acquire the auto carrier in a $2.2 billion cash deal, the companies said today.
MAPFRE said it will purchase 100 per cent of Commerce share capital for EUR1.538 billion ($2.207 billion).
Domingo Sugranyes, MAPFRE vice president, said during a conference call with management that the purchase was part of his company's plan to establish "a presence in the United States with a well developed plan to address the Hispanic community" and the population as a whole, and to move step-by-step into other states. Commerce, he said, would serve as a "very solid platform."
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