Topdanmark A/S completed the acquisition of 97% stake in Oona Health A/S from AnaCap Financial Partners Limited, Daytona Holdings Limited and others for DKK 2 billion.
December 30, 2023
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Topdanmark A/S (CPSE:TOP) signed an agreement to acquire 97% stake in Oona Health A/S from AnaCap Financial Partners Limited, Daytona Holdings Limited and others for DKK 2.3 billion on March 16, 2023. Oona Health will continue as a separate entity post completion of the acquisition with management and certain key employees to be minority shareholders (2-3% of Oona Health). The transaction will be financed by available excess capital and to fund the acquisition, Topdanmark A/S Board of Directors has decided to reduce the proposed dividend for 2022 from the previously announced DKK 53.5 per share to DKK 31 per share. Oona Health reported revenues of DKK 700 million in 2022. The transaction is subject to relevant regulatory approvals and approval from the Danish FSA, the Competition Authorities and the Danish Business Authority. The transaction is expected to be completed in the second half of 2023. The acquisition is expected to increase the operating EPS (adjusted for extraordinary costs as well as amortization of intangible assets related to brands and customer relations) of the Topdanmark Group by 10% in 2024. Relative to the purchase price, the acquisition is expected to increase the operating EPS by 1-2% in 2024. The transaction has been approved by the Danish FSA. Carnegie acted as the exclusive financial adviser and Accura Advokatpartnerselskab acted as the legal advisor to Topdanmark A/S (CPSE:TOP). Nicolai Ørsted, Martin Anton Svarrer, Jacob Borum, Charlotte Hasseriis Iversen and Kristian Vinter Bisgaard of Plesner Advokatpartnerselskab acted as legal advisor to AnaCap Financial Partners. As of October 27, 2023, Danish Competition and Consumer Authority approved the transaction and it's expected to complete by December 1, 2023. As of July 14, 2023, the expected of the acquisition to be completed in the second half of 2023.
Topdanmark A/S (CPSE:TOP) completed the acquisition of 97% stake in Oona Health A/S from AnaCap Financial Partners Limited, Daytona Holdings Limited and others for DKK 2 billion on December 1, 2023. Under the terms of agreement, Topdanmark paid a consideration of cash DKK 1.9 billion, contingent consideration of cash DKK 87 million and cash acquired of DKK 62 million.
Topdanmark A/S is a Denmark-based insurance company engaged in the insurance and pension fund business. The Companyâs activities are divided into such segments, as Personal, and SME (Small and Medium Enterprises) and Industrial. The Personal segment sells policies for individual households in Denmark. The SME and Industrial segment offers policies for Denmark-based SME, agricultural and industrial businesses. The Companyâs private insurance offering includes such insurance products, as home, vehicle, accident, pet, child and life and health insurance, as well as pension funds. Its corporate insurance offering includes property insurance, insurance of goods and equipment, and car insurance, among others. As of December 31, 2012, it had subsidiaries responsible for life and non-life insurance, as well as for asset management, investment and property-related activities.
Topdanmark A/S completed the acquisition of 97% stake in Oona Health A/S from AnaCap Financial Partners Limited, Daytona Holdings Limited and others for DKK 2 billion.
TOPDANMARK A/S 
