Kirkland & Ellis advised the Special Committee of the Board of Directors of State Auto Financial Corporation (NASDAQ: STFC) in connection with the sale of State Auto Financial and State Automobile Mutual Insurance Company to Liberty Mutual Holding Company Inc. Under the terms of the agreement, State Auto mutual members will become mutual members of Liberty Mutual and Liberty Mutual will acquire all of the publicly held shares of common stock of State Auto Financial for $52 per share. The transaction values State Auto Financial at approximately $2.36 billion. Through the deal, Liberty Mutual will add $2.3 billion in premium and State Auto’s network of approximately 3,400 independent agencies across 33 states and is expected to become the second largest carrier in this key distribution channel. The deal is expected to close in 2022 and is subject to customary closing conditions.
Read the transaction press release
The Kirkland team was led by corporate partners Edward Lee and Rajab Abbassi and associate Tobias Schad and also included insurance regulatory partner Parimah Hassouri, executive compensation partner Stephen Jacobson and associate Chelsea Bedotto, and corporate associate Stella Lee.
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