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Nationwide to buy Harleysville for $760 million

Nationwide Mutual Insurance Co said it will acquire Harleysville Group for about $760 million to expand its reach in commercial insurance lines of business and add capacity on the U.S. East Coast.

Nationwide, one of the country’s largest home and auto insurers, will pay $60 a share in cash for the Harleysville shares not already held by its parent, Harleysville Mutual, or about 12.6 million shares in total.

[Reuters]