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Sovcombank to acquire Liberty Mutual Group's Russian unit

PJSC Sovcombank agreed to acquire Liberty Mutual Group Inc.'s Russian unit Liberty Insurance (PJSC).

The financial terms of the deal, which is subject to regulatory approvals and other customary closing conditions, were not disclosed.

The transaction is expected to complete in the first quarter of 2020 after which Liberty Insurance will be renamed, according to the Russian bank.