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.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
Lawyers and firms: get featured on Legal Desire
Share your deals, lateral moves, firm news and insights with 1M+ monthly readers: founders, law firm partners, general counsel and practising lawyers across the US, UK, EU and GCC.
Get featuredSubmit a press releaseThe advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
