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Opening Arguments

Big deal

Breaking news over at Indiana Parley:

Former Fort Wayne-based Lincoln Financial Group and Jefferson Pilot Financial announced this morning that the two insurance giants will merge. The companies have established a special website regarding the merger.

The remaining company will be known as Lincoln Financial Group. The deal is valued at approximately $7.5 billion according to a news release by law firm King & Spaulding, which is representing Jefferson Pilot in the merger.

Other interesting stuff there, too; just keep scrolling.

UPDATE: Coverage is starting to show up. Here are Bloomberg and Investor's Business Daily.

UPDATE 2: Here's a pdf fact sheet on the merger from the Web site put up by the two companies. It includes, among other things, an announcment that the new company's life insurance operations will be based in Greensboro, N.C., while the annuities operation will be based in Fort Wayne.

UPDATE 3: Here's the story from the Greensboro News-Record, the paper in the city where Jefferson Pilot is located and the life-insurance operations will be centered, along with a timeline.

UPDATE 4: This isn't likely to be the last insurance merger.