Nationwide Mutual Insurance Co., the sixth largest insurance company in the nation, agreed to purchase Harleysville Group for $60 per share, or roughly $760 million. The buyout, announced on Thursday, is 90 percent higher than Harleysville’s closing stock price Wednesday night.
The Harleysville brand will continue to exist after the merger, which will give Nationwide more market share in the Eastern United States.
“With Harleysville’s expertise in commercial lines and Nationwide’s complementary geographic distribution, there will be a substantial opportunity to increase market share,” Nationwide CEO Stephen Rasmussen said in a statement.
Harleysville is based in Pennsylvania, while Nationwide is based in Columbus, Ohio.
Nationwide Buys Harleysville for $760 Million
Nationwide Mutual Insurance Co., the sixth largest insurance company in the nation, agreed to purchase Harleysville Group for $60 per share.
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