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Codan

Alm. Brand acquires the Danish business of Codan

 

Case

Alm. Brand acquires the Danish business of Codan

Alm. Brand has acquired the Danish business of Codan from the Tryg and Intact Groups for DKK 12.6bn.

With the acquisition, Alm. Brand will become the second-largest insurance company in Denmark with a market share of approx. 18%. The transaction doubles the business of Alm. Brand, and synergies are expected to reach a total of DKK 600m.

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

The transaction is subject to approval from the authorities.

Accura advised Alm. Brand in connection with the transaction.