Tryg completes acquisition of RSA

18 November 2020, Tryg and Intact announced their recommended cash offer on RSA of a total of GBP 7.2 billion, corresponding to approximately DKK 60 billion. The British scheme of arrangement, laying out the terms of the acquisition, has now become effective. This means that the transaction has now been completed, and Tryg and Intact now own the entire issued and to be issued share capital of RSA. 

The RSA group includes, among other, Codan in Denmark and Norway as well as Trygg-Hansa in Sweden. Now that the acquisition has been completed, Tryg and Intact will initiate the separation process under which the Scandinavian part of the RSA group will be carved out of the RSA-group. Following this, Tryg will take over the sole legal ownership of Codan in Norway and Trygg-Hansa in Sweden, while Codan in Denmark will be owned on a 50/50 economic basis by both Tryg and Intact. 

With the acquisition of the Norwegian Codan and Swedish Trygg-Hansa, Tryg will become the largest non-life insurance company in Scandinavia. 

Tryg's share of the purchase price was inter alia financed through their rights issue, which was completed in March 2021. 

The rights issue amounted to approximately DKK 37 billion and is thereby the largest share capital market transaction ever to have been completed in Danish capital market history.

A large Plesner team has been involved in the transaction, including inter alia Nicolai Ørsted, Micha Fritzen, Henrik Laursen, Gitte Holtsø, Jakob Skafte-Pedersen, Charlotte Hasseriis Iversen, Emil Deleuran, Lars Bunch and Janus Jepsen. 

Plesner is proud to have acted as legal counsel for Tryg in connection with the acquisition of RSA.