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Intact Financial Corporation and RSA to acquire brokered commercial lines operations of Direct Line Insurance Group for £550m.

Announced

Transaction Tags

  • United Kingdom
  • Acquisition
  • Majority
  • insurance
  • Insurance Brokers
  • Cross Border
  • Private
  • Friendly
  • Pending
  • Single Bidder

Synopsis

Intact Financial Corporation, a Canadian multinational property and casualty insurance company, and RSA, a British multinational general insurance company, agreed to acquire brokered commercial lines operations of Direct Line Insurance Group, an insurance company, for £550m. “This acquisition significantly strengthens our UK&I business, and is strongly aligned with our strategic and financial objectives. The transaction enhances our position in the UK by doubling down on lines of business where we already outperform,” Charles Brindamour, Intact Financial CEO.

Sources

Press Release

Intact Financial

Transaction Value

£550m

Consideration Type

Ordinary Shares

Cash

Loan Notes

Capital Owned

+ Add

Capital bid for

100%

EV/Sales

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EV/EBITDA

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Share Price Premium

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Service Providers (4)Dealmakers
Jp Morgan

financial advisors

Jp Morgan

Skadden Arps Slate Meagher & Flom

legal advisors

Skadden Arps Slate Meagher & Flom

Morgan Stanley

financial advisors

Morgan Stanley

Brunswick Group

pr advisors

Brunswick Group

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