Symetra’s $3.8 Billion Acquisition by Sumitomo Life
August 11, 2015
On August 11, 2015, Symetra Financial Corporation announced that it has entered into a definitive merger agreement with Sumitomo Life Insurance Company pursuant to which Sumitomo Life will acquire all of the outstanding shares of Symetra. Symetra shareholders will receive $32.00 per share in cash at closing, plus a previously announced special dividend of $0.50 per share in cash. The total combined transaction consideration of $32.50 per share is approximately $3.8 billion in aggregate and represents a 32% premium over Symetra’s average stock price of $24.64 for the 30 days ending August 5, 2015. Cravath represented Symetra in connection with this transaction.
The Cravath team was led by partners Erik R. Tavzel and Joseph D. Zavaglia and included associates Brendan R. Mahan, Paul L. Sandler and Lee M. Blum on M&A matters; partner Eric W. Hilfers, senior attorney Jarrett R. Hoffman and associate Daniel P. Herrmann on executive compensation and benefits matters; and partner Christopher K. Fargo, senior attorney Andrew Carlon and associate Tara L. Rhoades on tax matters. Summer associate Michele L. Aronson also worked on M&A matters.
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J.D., 2004, Brooklyn Law SchoolValedictorian, summa cum laude
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B.B.A., 2001, College of Insurancecum laude
- New York
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J.D., 1998, University of Chicago Law Schoolwith Honors
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A.B., 1995, Princeton University
- New York
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J.D., 2006, Columbia Law SchoolHarlan Fiske Stone; Michael Lynne Scholar
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B.A., 2003, Boston CollegeHonors Program, cum laude
- New York
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