Brief: Intact Financial To Sell Codan DK To Alm. Brand A/S Group, Representing Proceeds Of $1.26 Billion For 50% Stake

ALM. Brand A/S

11/06/2021 12:33

June 11 (Reuters) - ALM. Brand A/S  ALMB.CO :
    * 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 - UNDER TERMS OF AGREEMENT, ALM. BRAND
WILL
ACQUIRE CODAN DK FOR A TOTAL CASH CONSIDERATION OF ABOUT DKK
12.6 BILLION
    * INTACT FINANCIAL - INTENDS TO USE PROCEEDS FROM SALE TO
REPAY
SHORT-TERM DEBT RAISED BY IT TO ACQUIRE RSA & FOR GENERAL
CORPORATE PURPOSES
    * INTACT FINANCIAL - INTACT WILL RECEIVE 50% OF PROCEEDS,
BEING
APPROXIMATELY DKK 6.3 BILLION, FROM SALE, PURSUANT TO AGREEMENT
WITH TRYG
    * INTACT FINANCIAL - SALE IS EXPECTED TO HAVE A POSITIVE
IMPACT ON
INTACT'S ANTICIPATED INTERNAL RATE OF RETURN OF OVER 15% FOR ITS
RSA ACQUISITION
    * INTACT - EXPECTS SALE TO HAVE IMMATERIAL IMPACT ON
PREVIOUSLY
DISCLOSED NET OPERATING INCOME PER SHARE ACCRETION EXPECTATIONS
FOR ITS RSA DEAL

Source text for Eikon:  ID:nCNWkZKQZa 
Further company coverage:  ALMB.CO 

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