Meiji Yasuda Life Insurance Company has completed previously announced plans to acquire StanCorp Financial Group Inc. for $5 billion in cash, or $115 per share.
StanCorp, a Portland, Ore.-based company founded in 1906, is the parent of Standard Insurance Company. The company is a major player in the U.S. group disability insurance market and a significant player in the annuity, group life and retirement plan market.
In July, when the deal was announced, StanCorp had 2,800 employees.
Meiji Yasuda, a Tokyo-based company founded in 1881, is the third largest life insurer in Japan. It has about 41,000 employees around the world, with major operations in the United States, Poland, China, Indonesia and Thailand.
Meiji Yasuda has said that it will keep StanCorp, and StanCorp’s offices, in Portland and avoid making major changes in StanCorp’s operations.