Nationwide Mutual Insurance Company has completed previously announced plans to acquire all outstanding common shares of Nationwide Financial Services Inc.
Nationwide, Columbus, Ohio, made good on a plan announced in August, before investment market turmoil shook the stock prices of many financial services companies, to pay Nationwide Financial shareholders $52.25 per share.
Nationwide Financial shareholders voted to approve the “spin in” transaction Wednesday, Nationwide says.
“The completion of the transaction sets Nationwide apart from the competition by enabling it to align its entire product and service portfolio around the customer,” Nationwide says.
Nationwide Financial, a company that has focused on selling retirement savings products, is in the process of filing the documents necessary to delist its Class A common stock from the New York Stock Exchange, Nationwide says.
Nationwide made Nationwide Financial a stand-alone public company in 1997.
Nationwide kept all of Nationwide Financial’s Class B common stock and a controlling amount of the Class A stock.