OREANDA-NEWS. Symetra Financial Corporation (NYSE: SYA) (“Symetra”) today announced that Sumitomo Life Insurance Company (“Sumitomo Life”) has received all necessary approvals from regulatory authorities in the United States and Japan for the previously announced proposed acquisition of Symetra pursuant to the Agreement and Plan of Merger entered into on Aug. 11, 2015 (the “Merger Agreement”).
 
Subject to the satisfaction of customary closing conditions, the parties to the Merger Agreement intend to close the acquisition transaction with an effective date of Feb. 1, 2016. On the effective date, each outstanding share of Symetra common stock will be converted into the right to receive $32.00 in cash, without interest, and less any applicable withholding taxes.
 
Sumitomo Life, founded in 1907 and headquartered in Tokyo and Osaka, Japan, is a leading life insurer in Japan with multi-channel, multi-product life insurance businesses. Sumitomo Life provides traditional mortality life insurance, nursing care, medical care and retirement plans through sales representatives, insurance outlets, the Internet and bancassurance. As of March 31, 2015, Sumitomo Life had $229 billion in assets, approximately 6.8 million customers and 42,000 employees. 
 
Symetra Financial Corporation (NYSE: SYA) is a diversified financial services company based in Bellevue, Wash. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions and independent agents and advisors.