(Bloomberg) -- MS&AD Insurance Group Holdings Inc. agreed to buy Lloyd’s of London insurer Amlin Plc for about 3.47 billion pounds ($5.3 billion) in its biggest acquisition, joining an overseas deal spree by Japanese peers. Amlin shares surged.
The Tokyo-based company’s Mitsui Sumitomo Insurance Co. unit will pay 670 pence a share in cash for the London-based insurer, MS&AD said Tuesday. The deal represents a 36 percent premium on Monday’s closing price and is 2.4 times the firm’s net tangible book value, the highest multiple paid for any Lloyd’s insurer, Amlin Chief Executive Officer Charles Philipps said on a conference call with reporters.
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