Hartford To Acquire Navigators Group For $2.1 Bln - Quick Facts

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(RTTNews.com) - The Navigators Group, Inc. (NAVG) announced a definitive agreement to be acquired by The Hartford Financial Services Group, Inc. ( HIG ) in an all-cash transaction that values Navigators at approximately $2.1 billion. Navigators stockholders will receive $70.00 per share in cash upon the closing of the transaction.

Navigators' founder, and shares controlled by other members of his family, which represent approximately 20% of total shares outstanding, have agreed to vote in support of the transaction. Navigators is headquartered in Stamford, Conn., with 22 locations in the U.S. and eight locations internationally. The company has approximately 820 employees globally who will join The Hartford upon closing.

The Hartford expects the acquisition to generate an attractive return over time. The acquisition is expected to result in an immaterial reduction in 2019 net income before considering the impact of acquisition-related charges, which have not yet been finalized. Excluding acquisition-related charges as well as integration costs, the company expects the acquisition to be immediately accretive to 2019 net income.

For 2020, The Hartford expects the acquisition to be accretive to net income by $30 million to $75 million and to core earnings by $60 million to $95 million.

Read the original article on RTTNews (http://www.rttnews.com/2928646/hartford-to-acquire-navigators-group-for-2-1-bln-quick-facts.aspx)

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This article appears in: Politics , World Markets , Stocks , Insurance
Referenced Symbols: HIG ,

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