Sumitomo Life Insurance Co. agreed to buy Symetra Financial Corp. for about $3.8 billion (¥473.5 billion) as the Japanese company seeks to expand in the U.S.
Symetra investors will receive $32 a share in cash plus a special dividend of 50 cents a share, Bellevue, Washington-based Symetra said Tuesday in a statement.
Symetra closed at $24.47 in New York on Aug. 6, the day before Reuters reported that it was exploring a potential sale. The higher price benefits Symetra investors including Warren Buffett's Berkshire Hathaway Inc.