Nationwide Financial Services Inc. said Monday that affiliates of parent Nationwide Mutual Insurance Co. have offered to buy all of its outstanding Class A common stock for about $2.2 billion.

Nationwide Mutual wants to buy out the public shares of Nationwide Financial in order to simplify the insurance and financial services group’s ownership structure, Nationwide Mutual spokesman Joe Case said.

Nationwide Mutual already owns all of Nationwide Financial’s supervoting Class B shares, which represent 95.2 percent of the voting power and 66.3 percent of the equity.
Nationwide Financial said it has appointed a special board committee made up of independent directors to consider the proposal.