Intact Financial Corporation and Scandinavian insurer Tryg A/S have received all anti-trust and regulatory approvals for the acquisition of RSA Insurance Group plc, setting the stage for closing the mega-merger within a month.
RSA will now need to re-register as a private limited company, and the High Court of Justice in England and Wales will need to formally approve the £7.2-billion merger at a court hearing scheduled for May 25, 2021.
Upon approval, the acquisition is expected to close on June 1, 2021.
Under the agreement, Intact would acquire RSA’s operations in Canada, Britain, Ireland and the Middle East. Tryg would acquire RSA’s operations in Sweden and Norway. RSA’s operations in Denmark would be split 50/50 between Intact and Tryg.
RSA’s acquisition is set to represent a $9.5 billion deal, of which Tryg will contribute $5.5 billion.
