More Than owner agrees takeover valuing it at £7.2bn

More Than owner RSA Insurance has agreed to a takeover by Canadian and Danish buyers in a deal valuing the FTSE 100 firm at £7.2bn.
By Ismail Mulla
Published 18th Nov 2020, 08:12 BST
Updated 18th Nov 2020, 08:16 BST
The owner of More Than, which also provides car insurance, has agreed a takeover deal.The owner of More Than, which also provides car insurance, has agreed a takeover deal.
The owner of More Than, which also provides car insurance, has agreed a takeover deal.

Canada's Intact Financial Corporation and Danish insurer Tryg said they had settled on final terms for the cash offer, which will see the consortium pay 685p a share, as well as an 8p a share dividend payout.

Under the terms of the deal, Intact will keep RSA's UK, Canadian and international operations, while Tryg will take on the Swedish and Norwegian businesses and they will both co-own the Danish arm.

RSA's Scandinavian business will be spun-off.

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The price marks a 51 per cent hike on RSA's closing share price on November 4 - the day before plans for the offer were first revealed.

Tryg will pay £4.2bn of the purchase price and Intact will pay £3bn.

RSA said its board unanimously backed the deal.

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