Deals
Ace to Buy Chubb for $28.3 Billion With Greenberg in Charge
Ace to Buy Chubb for $28.3B in Cash and Stock
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Evan Greenberg extended an acquisition spree at his Ace Ltd. by agreeing to purchase Chubb Corp. for $28.3 billion in cash and stock.
Ace will own 70 percent of the company after the transaction closes, and Greenberg will lead the combined insurer, the companies said Wednesday in a statement. The purchase price is equivalent to about $124.13 per share for Chubb investors, or 30 percent higher than Tuesday’s close.