Upon completion of the transaction, which was originally announced during the first week of June 2014, the acquired entity will operate as a wholly-owned subsidiary of Dai-ichi Life Insurance Company.
The Japanese buyer believes that the US-based life insurer will act as its strategic growth platform in the North American region.
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In accordance with the terms of the agreement, for all outstanding shares of Protective, Dai-ichi paid $70 per share in cash.
Dai-ichi Life president Koichiro Watanabe earlier said: "With a strong leadership team, vibrant and growing retail franchise and long track record of profitable growth organically and through the acquisition and integration of attractive businesses, Protective is the ideal platform for expansion."
Operating out from Protective’s current headquarters, its president, chariman and CEO John Johns and management team will continue to manage the business. Dai-ichi plans to run Protective as a standalone operation with the help of Johns.
Johns had said: "This transaction will enable Protective to deliver substantial, immediate cash value to our shareholders while maintaining our mission and continuing on our growth trajectory."
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By GlobalDataFounded in 1907, the US-based insurer mainly offers customized personalized life insurance, retirement income and asset protection products and services to fulfil the needs of individuals and families in the US.
