News: Deals: Reports

Safeco Corp & Liberty Mutual Group Inc	Update Date: 07/01/08
Date Announced: 04/23/08
Value (million $USD): 6.14 billion U.S. Dollar

Status: Pending

TRANSACTION DETAILS
Date Announced	04/23/08
Date Originally Announced	04/23/08
Format	Merger	Acquisition techniques	Going Private
Attitude	Friendly	Agency	Federal Trade Commission; Justice Department
Value	6.14 billion U.S. Dollar	Advisor Fees	Safeco Corp agreed to pay Morgan Stanley an advisory and opinion fee of $5 mil and a contingency fee of $25 mil, upon consummation of the merger.

SYNOPSIS
US - Liberty Mutual Group Inc, a unit of Liberty Mutual Insurance Co, definitively agreed to acquire all the outstanding common stock of Safeco Corp (SC), a provider of insurance services, for $68.25 in cash per share, or a total value of $6.144 bil. The transaction was subject to customary closing conditions, regulatory and SC shareholders' approval.

TARGET
Name	Safeco Corp (SAF)
Industries	Surety insurance; Insurance carriers, nec
City	Seattle
State	WA
Nation	United States
Incorporated in	WA
Public Status	Public
Business Description	Safeco Corp, located in Seattle, Washington, provides insurance services, offering coverage ranging from personal to business products. Their personal insurance products include automobile, home, condominium, renters, motorcycle, classic car, recreational vehicles, watercraft, umbrella, landlord protection and individual safety products. Their business products include business insurance, specialized coverages, premium audit services, risk control services and surety bonds. The company was founded in 1923.
Advisors	Morgan Stanley
Target Sales	6.26 billion U.S. Dollar

ACQUIROR
Name	Liberty Mutual Group Inc
Industries	Accidental and health insurance; Fire, marine, and casualty insurance; Surety insurance; Offices of holding companies, nec
City	Boston
State	MA
Nation	United States
Incorporated in	n/a
Public Status	Subsidiary
Business Description	Liberty Mutual Group Inc, located in Boston, Massachusetts, provides insurance services, offering a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, commercial multiple peril, commercial automobile, general liability, group disability, fire, surety and a diverse range of specialty products in many classes of business including: marine, energy, engineering, casualty, professional liability and directors & officers insurance. The company has 900 offices worldwide. Founded in 1912.
Advisors	Lehman Brothers
Acquiror Sales	n/a

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