Boston-based Liberty Mutual Group is on schedule for closing its acquisition of Seattle-based Safeco Corp. by the end of the third quarter of 2008, according to the insurance giant.

The deal is subject to receipt of Safeco shareholder approval and applicable regulatory approvals. Under the terms of the merger agreement, Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share in cash.
 
The transaction is not subject to financing contingencies.