Today’s issue of WorkCompRecap features our first acquisition news of the year, with American Financial Group’s announcement of its agreement to acquire Summit Holdings Southeast, Inc. and its related companies from Liberty Mutual Insurance in an all-cash transaction.
Under the terms of the transaction, AFG will pay Liberty Mutual an estimated $250 million at closing, and its total capital investment in Summit will be approximately $400 million, which includes a capital contribution at closing by AFG, who are not using any external financing in the acquisition. The transaction is expected to close in the first or second quarter of 2014, following the usual regulatory approvals.
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