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Sumitomo Life to Buy Buffett-Backed Symetra for $3.8 Billion

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Sumitomo Life Insurance Co. agreed to buy Symetra Financial Corp. for about $3.8 billion as the Japanese company seeks to expand in the U.S.

Symetra investors will receive $32 a share in cash plus a special dividend of 50 cents a share, Bellevue, Washington-based Symetra said Tuesday in a statement. Symetra closed at $24.47 in New York on Aug. 6, the day before Reuters reported that it was exploring a potential sale. The higher price benefits Symetra investors including Warren Buffett’s Berkshire Hathaway Inc.