Allstate Expands Consumer Protection Offerings with Acquisition of Rapidly Growing SquareTrade
The Allstate Corporation (NYSE: ALL), the largest publicly held personal lines property and casualty insurer in America has announced plans to acquire SquareTrade. SquareTrade is a highly rated protection plan provider with over $2.8 billion value of all the items they’ve protected. They provide protection for mobile devices, laptops, tablets, and other consumer electronics. SquareTrade has experienced continued rapid growth that distributes their offerings through many of America’s major retailers, despite being recently founded in 1999. Khaishgi, co-founder and CEO of SquareTrade said in a press statement, “Joining Allstate will enable SquareTrade to expand into new markets and products that Steve Abernethy [co-founder] and I did not imagine possible when we founded the company in 1999”. Allstate has agreed to purchase SquareTrade using both corporate cash and debt issuance, subject to market conditions for approximately $1.4 billion from a group of shareholders. The transaction is expected to be dilutive to Allstate’s earnings per share (EPS) for three years, with the transaction expected close in January 2017.
Read the full press release at https://www.allstate.com
Below are highlights of additional Merger and Acquisition activity from the last week:
Telecommunication Services M&A News: Consolidated Communications plans to acquire FairPoint Communications, Inc. in an all-stock merger transaction valued at approximately $1.5 billion, including debt.
Read more at https://www.consolidated.com
Healthcare Equipment M&A News:Teleflex Incorporated (NYSE: TFX) has entered into a definitive agreement to acquire Vascular Solutions, Inc. (NASDAQ: VASC) for an equity purchase price of $1.0 billion.
Read more at www.teleflex.com
Auto Parts & Equipment M&A News: Federal-Mogul Motorparts, a division of Federal-Mogul Holdings Corporation (NASDAQ: FDML), announced they have acquired Beck/Arnley, a leading provider of premium OE quality parts.
Read more at www.federalmogul.com
Technology Services M&A News: PSAV, Inc. announced it has acquired Southern Audio Visual (SAV), a high-quality provider of live event audiovisual experiences.
Read more at http://www.psav.com
