Nationwide Mutual Insurance buys Nationwide Financial Services
|August 6th, 2008||
|Nationwide Mutual Insurance Company will acquire Nationwide Financial Services for $2.4 billion. Nationwide Financial Service provided its parent company with life insurance and annuity products. Nationwide Mutual currently owns a 66.3% equity stake in the company already through its Class B shares.|
Nationwide Mutual announced the acquisition as a strategic move to increase returns by consolidating shareholders and businesses. The deal is expected to close late 2008 or early 2009.