American Financial Group said on Thursday that the transaction to sell its Great American Life subsidiary to MassMutual has been approved by the Ohio Department of Insurance, and that it expects the transaction to close next Friday.
The Cincinnati-based insurer also said it expected to receive after-tax cash proceeds of $3.4bn at the close of the transaction.
The news of regulatory approval for the deal comes a day after the company said it would issue a special dividend to shareholders upon the deal’s closing, which would total more than $1bn.