Debevoise & Plimpton LLP is advising Morgan Stanley as financial advisor to Symetra Financial Corporation (“Symetra”) in its sale to Sumitomo Life Insurance Company (“Sumitomo Life”) for a total combined transaction consideration of approximately $3.8 billion. The transaction, which was unanimously approved by Symetra’s board of directors, is subject to the approval of Symetra’s shareholders and regulators, and to other customary closing conditions.
Symetra, founded in 1957 and based in Bellevue, Washington, provides employee benefits, annuities and life insurance through a national network of benefits consultants, financial institutions and independent agents and advisors. 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.
The Debevoise team is led by partners Nicholas F. Potter and Marilyn A. Lion and includes associates Spencer K. Gilbert and Michael G. Stern.
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