Nationwide acquires Harleysville for $1.63 b

Nationwide acquires Harleysville for $1.63 b

Nationwide, one of largest home and auto insurers, will pay $60 a share in cash for Harleysville, nearly a 100 per cent premium to the stock’s Wednesday close and nearly 140 per cent premium to the stock’s price.

Harleysville Mutual policyholders will become customers of Nationwide Mutual. The Harleysville brand will continue to exist after the deal closes. Closing is expected in early 2012.