Topdanmark A/S signed an agreement to acquire unknown majority stake in Oona Health A/S from AnaCap Financial Partners Limited and others for DKK 2.3 billion.

Topdanmark A/S (CPSE:TOP) signed an agreement to acquire unknown majority stake in Oona Health A/S from AnaCap Financial Partners 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. 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.