Nationwide Mutual Insurance buys Nationwide Financial Services

August 6th, 2008
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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.

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