TGVSF - Intact Financial Tryg to sell Codan's Danish business for ~$2.1B

Zhanna Hapanovich/iStock via Getty Images Intact Financial's (IFCZF) joint venture with Tryg A/S (TGVSF), following its acquisition of RSA Insurance Group, agrees to sell the Codan Forsikring A/S's Danish business to Alm. A/S Group for DKK 12.6B in cash (~US$2.1B). Intact will get half the proceeds, or DKK 6.3B (US$1.0B), from the sale. It plans to use the proceeds to repay short-term debt that it raised to acquire RSA and for general corporate purposes. The sale is expected to improve Intact's anticipated internal rate of return of over 15% for its RSA acquisition. Intact doesn't expect a material impact on previously disclosed net operating income per share accretion expectations for its RSA acquisition, which remains high single-digits in first 12 months following the RSA deal, increasing to upper-teen within 36 months. Alm. Brand is a Danish financial services group focused in Denmark on non-life insurance and life insurance businesses. In

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Intact Financial, Tryg to sell Codan's Danish business for ~$2.1B