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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 last week.

MAPFRE said it will purchase 100 percent of Commerce share capital for EUR1.538 billion, or $2.207 billion, making this the largest deal in the history of MAPFRE.

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