Nationwide Mutual Insurance Company has announced that it will expand its holding in Nationwide Financial Services, Inc. and NFS will become a wholly owned subsidiary of Nationwide.
The Columbus, Ohio-based insurer said it will acquire all of the outstanding publicly held NFS Class A common stock for $52.25 per share in cash.
Nationwide put the value of the transaction at approximately $2.4 billion and said it is expected to close by the end of 2008 or early in 2009, subject to shareholder and regulatory approval.
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