|
Insurer in $1.2B deal
|
 |
September 12, 1997: 7:21 a.m. ET
American General will pay $30 a share for Western National Corp.
|
NEW YORK (CNNfn) - American General Corp., which owns 46 percent of Western National Corp., will pay $1.2 billion to acquire the rest of the company.
American General will pay Western $29.75 a share in cash and stock to broaden its interest in the annuities business, American General said Friday.
American General, a Houston-based financial-service company, is the third largest insurer in the United States. It previously acquired USLife, another insurance giant, for about $1.8 billion in stock.
Western National, also headquartered in Houston, is a leading seller of fixed annuities.
American General started acquiring companies in 1994 and now has more than $300 billion of life insurance and more than 10 million policy holders.
|
|
|
|
|
 |
|
