Intact Financial Corp. says its joint venture with Tryg A/S has signed a deal to sell Codan Forsikring A/S's Danish business (Codan DK) to Alm. Brand A/S Group for about $2.52 billion.
Toronto-based Intact says it will receive 50 per cent of the proceeds and plans to use them to repay debt and for general corporate purposes.
Intact and Tryg completed their deal for RSA Insurance, one of the U.K.'s oldest insurance companies, last week.
Under the terms of the deal, Tryg acquired RSA's Swedish and Norwegian businesses, while Intact added RSA's operations in Canada, the U.K., Ireland and other international locations.
The companies co-own what was RSA's Danish business.
The Codan DK sale is expected to close during the first half of 2022, subject to approvals from regulatory and antitrust authorities as well as other conditions.
This report by The Canadian Press was first published June 11, 2021.
Companies in this story: (TSX:IFC)