Plesner advises Tryg in connection with the sale of Codan Denmark
Tryg A/S and Intact Financial Corporation have entered into a conditional share purchase agreement for the sale of Codan's Danish business to Alm. Brand A/S. Plesner has advised Tryg A/S in connection with the sale.
On 11 June 2021, Tryg A/S and Intact Financial Corporation could announce that they had entered into a conditional share purchase agreement for the sale of Codan Denmark to Alm. Brand A/S for approximately DKK 12.6 billion.
Plesner is proud to have acted as legal counsel for Tryg A/S in connection with the sale of Codan Denmark.
As a consequence of the sale, Alm. Brand A/S will acquire 100 % of the share capital in Codan Denmark, which is currently owned on a 50/50 economic basis by Tryg A/S and Intact Financial Corporation. Tryg A/S will receive 50 % of the sale proceeds.
Tryg A/S acquired Codan Denmark together with Intact Financial Corporation on 1 June 2021 in connection with their joint take over of RSA Insurance Group. Other than Codan Denmark, the RSA group also includes inter alia Codan in Norway and Trygg-Hansa in Sweden, which Tryg A/S will gain sole legal ownership over following the demerger from RSA.
The sale of Codan Denmark is expected to be completed in H1 2022.