Tokio Marine Holdings Inc (8766.T: Quote, Profile, Research, Stock Buzz) will buy property and casualty insurer Philadelphia Consolidated Holding Corp (PHLY.O: Quote, Profile, Research, Stock Buzz) for about $4.7 billion, in the largest acquisition by a Japanese financial firm in the United States.
Japan's largest property and casualty insurer said it would pay $61.5 in cash for each share of Philadelphia Consolidated, a 73 percent premium to Tuesday's closing price of $35.55.
Saddled with sluggish growth at home and unburdened by subprime investments, many cash-rich Japanese firms are once again hunting for opportunities abroad.
Japanese drug companies, food makers and financial firms have all joined in the push overseas. Outbound Japanese acquisitions for 2008 came to $24 billion as of July, nearly matching the haul for all of last year, according to Thomson Reuters data.
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