The Progressive Corporation (NYSE: PGR) disclosed that it has finalized the acquisition of Protective Insurance Company (NASDAQ: PTVCA and PTVCB). Under the terms of the agreement, the owner of Class A and B of Protective will be entitled to get the $23.30 per share in cash. The combined value for the deal would be $338 million.
Earlier, the firm has disclosed the acquisition agreement on February 16, 2021. Protective has set foot on the new road and start working as the team of Progressive. The firm disclosed that its acquisitions will increase its market reach and will provide a great opportunity for its customers, employees, and its partners.
The Progressive Corporation (NYSE: PGR) shares were soared 1.09% as it gained +1.08 at the time of writing on Tuesday. The Progressive Corporation share price went from a low point around $71.58 to briefly over $107.58 in the past 52 weeks, though shares have since pulled back to $100.16. PGR market cap has remained high, striking $40.01M at the time of writing.
Progressive disclosed that the firm is delighted to finalize the deal with Protective Insurance Company which is the best fit for the firm. The firm anticipates that both the firm when combined with their resources and expertise will boost their business growth. PGR is currently focusing on offering the best services to customers.