Tryg announces today that Scandi JV Co 2 A/S (a company owned 50/50 by
The agreed cash purchase price is approximately
The transaction is subject to, e.g., customary regulatory approvals from relevant authorities - including from the
Closing is expected to take place in H1 2022 following Alm. Brand A/S having obtained the necessary regulatory approvals and the completion of the demerger of
As Tryg has not been permitted to have material involvement in the sales process, Intact has been responsible for managing the process and for the discussions with Alm. Brand A/S and other potential buyers of Codan Denmark.
Following closing of the sale, Tryg has the intention to carry out a share buyback programme of approximately
Tryg’s financial guidance for 2021 is not impacted by the sale of the Danish activities of Codan.
Following signing of the share purchase agreement, Codan Denmark will be classified as an investment in associated companies in Tryg’s consolidated financial statements effective from
Quote from Tryg CEO,
“It is with great pleasure for both customers and employees that the transaction of Codan Denmark has been announced, and that the process has been very fast. Intact and Alm. Brand have conducted a thorough and efficient process with a positive result. Tryg firmly believes that Codan Denmark has great potential, and we are therefore not surprised about the sale. Intact’s and Tryg’s sale of Codan Denmark has been one of the possible outcomes following the 2.7 announcement in
Attachment
- 21_Sale of Codan Denmark to
Alm. Brand AS
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