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Assurant closes Warranty Group deal

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Assurant closes Warranty Group deal

Assurant Inc. has completed its acquisition of Warranty Group Inc. from TPG Capital Management LP in a deal worth about $2.5 billion.

The deal reflects about 10.4 million Assurant shares, or $993 million based on the acquisition agreement closing price, and about $1.5 billion in cash, after considering the repayment of Warranty Group's $596 million in existing debt.

As part of the deal, TPG Capital representatives Peter McGoohan and Eric Leathers will join Assurant's board.