Desjardins Group will purchase State Farm Canada’s property and casualty and life insurance business, as well as its Canadian mutual fund, loan and living benefits companies, the companies announced Wednesday

The transaction is expected to close in January 2015, subject to approval from regulators and compliance with customary closing conditions, according to the $210 billion cooperative Desjardins Group in Lévis, Québec in Canada, and State Farm in Bloomington, Ill.

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