Boston and Seattle — Liberty Mutual Group and Safeco Corp. today announced they entered into a definitive agreement pursuant to which Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share in cash.  

The boards of directors of both companies approved the proposed transaction, which is valued at approximately $6.2 billion. It is subject to approval by Safeco’s shareholders as well as the customary regulatory approvals and conditions. The transaction is expected to close by the end of the third quarter of 2008, and is not subject to financing contingencies. 

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