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Liberty Mutual headquarters in Boston. (Photo: User54871/Wikimedia Commons) Liberty Mutual’s headquarters in Boston. (Photo: User54871/Wikimedia Commons)

(Bloomberg) — Liberty Mutual Holding Co. agreed to buy State Auto Financial Corp. for about $2.29 billion in cash, adding roughly 3,400 independent agencies in 33 U.S. states.

The purchase price of $52 a share is three times higher than State Auto’s closing price on Friday, July 9. Shares of Columbus, Ohio-based State Auto were down 2.7% this year through Friday and surged to a record $50 at 9:30 a.m. ET on Monday (July 12) morning.

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