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Intact Financial Corporation Completes $3.2 billion Private Placement Subscription Receipt Offering with Cornerstone Investors to Finance a Portion of the Purchase Price for RSA Insurance Group PLC ("RSA")
Intact Financial Corporation Completes $3.2 billion Private Placement Subscription Receip...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Completes $3.2 billion Private Placement Subscription Receipt Offering with Cornerstone Investors to Finance a Portion of the Purchase Price for RSA Insurance Group PLC (\"RSA\")\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 TORONTO, Nov. 25, 2020\n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 25, 2020\n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that it has completed its previously announced private placement of subscription receipts (the \"Private Placement\") to Caisse de dépôt et placement du Québec (\"CDPQ\"), Canada Pension Plan Investment Board (\"CPP Investments\") and Ontario Teachers' Pension Plan Board (\"Ontario Teachers'\")  of an aggregate of 23.8 million Subscription Receipts at a price of\n \n $134.50\n \n per subscription receipt for aggregate gross proceeds of approximately\n \n $3.2 billion\n \n . CDPQ, CPP Investments, and Ontario Teachers' have committed\n \n $1.5 billion\n \n ,\n \n $1.2 billion\n \n , and\n \n $0.5 billion\n \n , respectively and will be entitled to a transaction fee upon closing of the Acquisition (as defined below).\n \n \n The proceeds from the Private Placement will be held in escrow and are intended to be used by Intact to fund a portion of the purchase price for its previously announced proposed acquisition (the \"Acquisition\") of the entire issued and to be issued share capital of RSA, to be carried out by the Company together with Tryg A/S.\n \n \n Each subscription receipt will entitle the holder to receive one common share of Intact as well as a dividend equivalent payment upon closing of the Acquisition.\n \n \n The closing of the Acquisition is expected to occur in the second quarter of 2021 subject to receipt of the relevant approvals or clearances from RSA shareholders and the relevant regulatory and antitrust authorities and the satisfaction or (where capable of waiver) waiver of other conditions to closing.\n \n \n Additional information on the Acquisition is availabl...