Liberty Mutual Group's planned acquisition of Safeco Group received approval from the state of Washington's insurance commissioner.
The nod from Commissioner Mike Kreidler represents the last required approval before the $6.2 billion acquisition moves forward, according to Safeco.
Mr. Kreidler said, "Safeco is proudly recognized as an institution in Washington and its proposed acquisition has been a high priority for my office. It was the largest, most complex deal we've ever been asked to approve. I'm extremely pleased at the thoroughness of the review and our ability to issue a prompt decision and ensure a smooth transition."
He added that Liberty Mutual has indicated that Safeco will keep its name, will remain headquartered in Seattle, and will maintain the Safeco Foundation and its civic and charitable giving in the community. He noted also that Safeco will be changed from a publicly traded stock corporation to a privately held company of Liberty Mutual.
Safeco said the acquisition is scheduled to close on Monday, Sept. 22. The company explained that shares of common stock of Safeco will continue trading on the New York Stock Exchange through the close of business on Monday, Sept. 22, and thereafter will be delisted from the NYSE.
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