World Economy

Ace Buying Chubb for $28.3b

Ace Buying Chubb for $28.3bAce Buying Chubb for $28.3b

Insurer Ace is buying The Chubb Corp. in a cash-and-stock deal valued at about $28.3 billion that will boost its international presence, AP reported. Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of Ace Ltd. stock. Ace shareholders will own 70% of the combined business, with Chubb shareholders owning 30%. The combined company plans to use the Chubb name and will have its main offices in Zurich, Switzerland, where Ace is based. Chubb’s Warren, New Jersey, headquarters will contain a substantial portion of the headquarters function for the combined company’s North American unit.