Alm. Brand’s $2.52 Billion Acquisition of Codan’s Danish Business

Accura advised Alm. Brand in connection with the transaction. Bech-Bruun advises J.P. Morgan, Nordea and SEB.

Scandi JV Co 2 A/S, which is co-owned by Intact and Tryg A/S has entered into a definitive agreement to sell Codan Forsikring A/S’s Danish business to Alm. Brand A/S Group.

Under the terms of the agreement, Alm. Brand will acquire Codan DK for a total cash consideration of approximately DKK 12.6 billion (approximately $2.52 billion).

Intact will receive 50% of the proceeds, being approximately DKK 6.3 billion (approximately $1.26 billion), from the Sale, pursuant to the agreement with Tryg. Intact intends to use its proceeds from the Sale to repay short-term debt raised by it to acquire RSA and for general corporate purposes.

Alm. Brand is financing the acquisition by way of a planned rights issue which is expected to yield approx. DKK 11.6bn.

Alm. Brand is a Danish financial services group focused in Denmark and carries on non-life insurance and life insurance activities. Non-life insurance is the group’s core business, exclusively targeting the Danish market, with a special focus on private customers, small and medium-sized enterprises, property owners and administrators, agricultural customers and the public sector.

Codan DK is one of the largest non-life insurers in Denmark, distributing a broad range of insurance products across multiple channels, utilising a leading brand that has been built over the last one hundred years.

The Accura team was led by Mads Kjellerup Dambæk (Picture) and further included Kenny Michael Andersen, Anne Zeuthen Løkkegaard, Poul Jagd Mogensen, Christina Heiberg-Grevy, Morten Langer, Tue Rønholt Hansen, Camilla Holstener Fahrenholtz, Mikkel Hanskov, Jacob Borum, Peter Brask Tind, Ann-Sofie Trampe Jarløv, Emilie Bruun, Anne Schønfeldt, Laura Ginsborg and Tobias Førrisdahl Fromberg.

The Bech-Bruun team included Martin Allan Christensen and Steen Jensen.

Involved fees earner: Kenny Michael Andersen – Accura; Jacob Borum – Accura; Peter Brask Tind – Accura; Emilie Bruun – Accura; Tobias Førrisdahl Fromberg – Accura; Mikkel Hanskov – Accura; Christina Heiberg-Grevy – Accura; Camilla Holstener Fahrenholtz – Accura; Mads Kjellerup Dambæk – Accura; Morten Langer – Accura; Anne Zeuthen Løkkegaard – Accura; Poul Jagd Mogensen – Accura; Tue Rønholt Hansen – Accura; Anne Schønfeldt – Accura; Ann-Sofie Trampe Jarløv – Accura; Martin Allan Christensen – Bech-Bruun; Steen Jensen – Bech-Bruun;

Law Firms: Accura; Bech-Bruun;

Clients: Alm. Brand Bank A/S;

Author: Federica Tiefenthaler