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February 06, 2007 at 11:23 AM
Nationwide Mutual Insurance Company’s Nationwide Financial Services Inc. unit has agreed to higher terms for a previously announced deal.
Under the agreement, Nationwide Financial, Columbus, Ohio, will buy the retail operations of NWD Investment Management Inc., Philadelphia, for $225 million in cash, plus the value of tangible shareholders’ equity on the balance sheet at closing. That figure represents a $25 million increase over preliminary terms for purchasing NDW, which Nationwide had announced in December, the company says.
Nationwide says the increase in the offer is due to the value of additional tax benefits from the deal that it had not previously identified.
