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Intact Financial Corporation Announces Sale of Codan DK to Alm. Brand A/S Group, Representing Proceeds of DKK 6.3 billion ($1.26 billion) for Intact's 50% Stake
Intact Financial Corporation Announces Sale of Codan DK to Alm. Brand A/S Group, Represen...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Announces Sale of Codan DK to Alm. Brand A/S Group, Representing Proceeds of DKK 6.3 billion ($1.26 billion) for Intact's 50% Stake\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n June 11, 2021\n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that Scandi JV Co 2 A/S, which is co-owned by Intact and Tryg A/S (CPH: TRYG) (\"Tryg\") following the acquisition of RSA Insurance Group plc (\"RSA\"), has entered into a definitive agreement to sell (the \"Sale\") Codan Forsikring A/S's Danish business (\"Codan DK\") to Alm. Brand A/S Group (\"Alm. Brand\") (CPH: ALMB).\n \n \n Under the terms of the agreement, Alm. Brand will acquire Codan DK for a total cash consideration of approximately\n \n DKK 12.6 billion\n \n (approximately\n \n $2.52 billion\n \n ).\n \n \n Intact will receive 50% of the proceeds, being approximately\n \n DKK 6.3 billion\n \n (approximately\n \n $1.26 billion\n \n ), from the Sale, pursuant to the agreement with Tryg. Intact intends to use its proceeds from the Sale to repay short-term debt raised by it to acquire RSA and for general corporate purposes.\n \n \n The Sale is currently anticipated to close during the first half of 2022, subject to receipt of the relevant approvals or clearances from regulatory and antitrust authorities, the completion of Alm. Brand's financing, and the satisfaction or waiver of certain other conditions.\n \n \n \"We are pleased to announce the sale of Codan DK to Alm. Brand, a well-known and respected Danish financial services company. The combined business is very well positioned in the Danish non-life insurance market,\" said\n \n Charles Brindamour\n \n , Chief Executive Officer, Intact Financial Corporation.\n \n \n The Sale is expected to have a positive impact on Intact's anticipated internal rate of return (\"IRR\") of over 15% for its RSA acquisition. The Company expects the Sale to have an immaterial impact on the previously disclosed net operating income per s...