August 11, 2015 -- Symetra Financial Corporation today announced that it has entered into a definitive merger agreement with Sumitomo Life Insurance Company pursuant to which Sumitomo Life will acquire all of the outstanding shares of Symetra. Symetra shareholders will receive $32.00 per share in cash at closing, plus a previously announced special dividend of $0.50 per share in cash. The total combined transaction consideration of $32.50 per share is approximately $3.8 billion in aggregate and represents a 32% premium over Symetra's average stock price of $24.64 for the 30 days ending August 5, 2015. Cravath, Swaine & Moore LLP is representing Symetra in connection with this transaction.The Cravath team is being led by partners Erik R. Tavzel and Joseph D. Zavaglia and includes associates Brendan R. Mahan, Paul L. Sandler and Lee M. Blum (M&A); partner Eric W. Hilfers, senior attorney Jarrett R. Hoffman and associate Daniel P. Herrmann (executive compensation and benefits); and partner Christopher K. Fargo, senior attorney Andrew Carlon and associate Tara L. Rhoades (tax). Summer associate Michele Aronson also worked on M&A matters.