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US: ACE to acquire Chubb for $28.3 billion

 |  July 1, 2015

Insurer ACE will acquire property and casualty insurer Chubb in a cash and stock deal valued at $28.3 billion.

Under the deal, Chubb shareholders will get $62.93 per share in cash and 0.6019 shares of Ace.

The combined company plans to use the Chubb name and will have its main offices in Zurich, Switzerland, where Ace is based. Chubb’s Warren, New Jersey, headquarters will contain a substantial portion of the headquarters function for the combined company’s North American unit.

Both companies’ boards unanimously approved the transaction, which is targeted to close in the first quarter of 2016. The deal still needs approval from Ace and Chubb shareholders.

Full content: The Wall Street Journal

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