Spain's Mapfre to buy Safety Insurance in $1.54 billion all-cash deal

July 23 (Reuters) - Safety Insurance Group SAFT.O said on Thursday that an affiliate of Spanish insurer Mapfre will buy the company in an all-cash deal valued at about $1.54 billion, sending its shares up 36.4% at $99.52 after the bell.

Here are some details:

• Safety shareholders will receive $105 per share in cash, a premium of about 44% to the company's last closing price, under the terms of the deal.
• The deal will help Mapfre strengthen its presence in the U.S. insurance market, adding Safety's property and casualty business across Massachusetts and the broader New England region to its portfolio.
• Boston-based Safety will continue to operate under its existing brand following the completion of the deal.
• The transaction, which has been approved by the boards of both companies, is expected to close in the first quarter of 2027, subject to regulatory approvals and other customary closing conditions.
• Jefferies is serving as Safety's sole financial advisor.