Alm. Brand A/S completed the acquisition of Danish Business of Codan Forsikring A/S.
May 01, 2022
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Alm. Brand A/S (CPSE:ALMB) entered into a binding agreement to acquire Danish Business of Codan Forsikring A/S for approximately DKK 12.6 billion on June 11, 2021. Upon completion, Intact will receive 50% of the proceeds, being approximately DKK 6.3 billion, from the sale, pursuant to the agreement with Tryg. The deal will be financed through private placement. The transaction is subject to approval by regulatory board/committee, subject to antitrust regulations and subject to consummation of private placement. The transaction is expected to close in first half of 2022. 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. The Danish FSA has today approved Alm. Brand's acquisition of Codan Forsikring A/S' Danish activities. As of November 19, 2021, Danish FSA has approved, pursuant to Section 61 of the Financial Business Act, that Alm. Brand acquires Chopin Forsikring A/S including subsidiaries to which Codan Forsikring A/S' Danish business will be transferred prior to the completion of Alm. Brand's acquisition. The acquisition is still subject to certain conditions, including receipt of approvals from antitrust authorities as well as the completion of the rights issue and the separation of Codan Forsikring A/S' Danish business into Chopin Forsikring A/S. As on January 20, 2022, The Danish Competition and Consumer Authority has informed Alm. Brand that its processing of Alm. Brand's acquisition of Codan is entering the second, and final, phase. As of April 27, 2022, the transaction has been approved by Danish Competition and Consumer Authority. The transaction is expected to close on May 2, 2022.
Deloitte Corporate Finance Denmark acted as financial advisor to Alm. Brand A/S. Accura Advokataktieselskab acted as legal advisor to Alm. Brand A/S. Barclays Bank PLC, acting through its Investment Bank, and Danske Bank A/S are acting as financial advisers, and Clifford Chance LLP is acting as English law legal adviser and Gorrissen Federspiel Advokatpartnerselskab is acting as Danish law legal adviser to Intact and Scandi JV Co 2 A/S.
Alm. Brand A/S (CPSE:ALMB) completed the acquisition of Danish Business of Codan Forsikring A/S on May 2, 2022.
ALM. Brand A/S is a Denmark-based holding company engaged in the provision of insurance and financial services. The Companyâs activities are divided into three business areas: non-life insurance, which offers a range of insurance products, which focus primarily on the personal, commercial and agricultural segment; banking, providing deposit and lending products, pensions and home finance, as well as investment consultancy; and life insurance and pension, which provides corporate pension plans, pension savings, as well as insurance cover, including death, disability and critical illness cover. It operates a number of sales centers and branches across Denmark. Furthermore, the Company is a parent of Alm Brand Forsikring A/S, Alm Brand Praemieservice ApS, Alm Brand Bank A/S, Forsikringsselskabet Alm Brand Liv og Pension A/S, and Alm Brand Leasing A/S, among others.
ALM. BRAND A/S 
