NEW YORK - The insurance company Mony Group Inc. said Thursday that it has a definitive agreement to buy Advest Group Inc. in a stock and cash transaction aimed at building its financial services clout.

The purchase price will be fixed five days before the transaction's closing date, using the shares' 10-day average closing price. Mony estimated the price could be about $31 per share, or a total of $275 million.

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