Canadian property and casualty insurer Intact gained shareholder approval for its proposed joint-takeover of UK insurer RSA.
The company also received unconditional approval for the Acquisition from the Canadian Competition Bureau.
A majority of RSA shareholders likewise voted to approve the acquisition.
Back in November, Intact announced the successful completion of a $3.2 billion capital raise ahead of the transaction with RSA.
The $3.2 billion was raised via a private placement of 23.8 million subscription receipts to Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board at an individual price of $134.50.
RSA’s acquisition is set to represent a $9.5 billion deal, of which Scandinavian insurer Tryg will contribute $5.5 billion.
It’s understood that Intact will retain RSA’s Canada and UK & International businesses and obligations, and Tryg will hold on to its Sweden and Norway operations, with the pair co-owning RSA’s Denmark business.
The closing of the acquisition is expected to occur in the second quarter of 2021.
