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Allstate Corp said on Tuesday it will buy National General Holdings Corp for about $4 billion in cash as the U.S. insurer looks to expand its market share in personal lines insurance business.
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National General's shareholders will receive $32 per share in cash and closing dividends of $2.50 per share for each share held. This would imply a total deal value of $3.92 billion and a premium of about 69% to National General's Tuesday close, Reuters calculations showed.
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Allstate, one of the largest U.S. auto insurers, said the deal is expected to close in early 2021 and will add to its adjusted earnings per share and return-on-equity beginning the first year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NGHC | NATIONAL GENERAL HLDGS CO | 20.41 | -0.49 | -2.34% |
| ALL | THE ALLSTATE CORPORATION | 92.65 | -2.99 | -3.13% |
"Acquiring National General accelerates Allstate's strategy to increase market share in personal property-liability and significantly expands our independent agent distribution," Allstate Chief Executive Officer Tom Wilson said.
CORONAVIRUS PUSHES ALLSTATE TO RETURN $600M IN AUTO PREMIUMS
The deal has been approved by National General's board, Allstate said, adding that it included a breakup fee of $132.5 million.
Ardea Partners was the financial adviser to Allstate, while J.P. Morgan Securities LLC advised National General.
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(Reporting by Shubham Kalia in Bengaluru, Editing by Sherry Jacob-Phillips)
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July 08, 2020 at 10:29AM
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