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Finland Insurer Sampo Group to Buy Denmark Property & Casualty Insurer Topdanmark for $4.7 Billion in All-Share Deal with Offer Representing 27% Premium Over Closing Price on 14th June 2024, Sampo Currently Owns 48.5% of Topdanmark
20th June 2024 | Hong Kong
Finland insurer Sampo Group has made an offer to buy Denmark property & casualty insurer Topdanmark for $4.7 billion in an all-share deal, with the offer representing a 27% premium over the closing price on 14th June 2024. Sampo Group currently owns 48.5% of Topdanmark. Announcement (17/6/24): “Sampo plc (“Sampo”) and Topdanmark A/S (“Topdanmark”) have today entered into a combination agreement, pursuant to which Sampo will make a recommended best and final public exchange offer to acquire all of the outstanding shares in Topdanmark not already owned by Sampo (the “Offer”). The Board of Directors of Topdanmark will unanimously recommend Topdanmark shareholders to accept the Offer when made. Following completion of the Offer, Sampo intends to integrate Topdanmark into If P&C Insurance Ltd (publ) (“If P&C”) to strengthen its position as one of the leading insurers in the Danish P&C insurance market and to consolidate Sampo Group’s leadership position in the Nordics. Under the terms of the Offer, Topdanmark shareholders will receive 1.25 newly issued Sampo A shares in exchange for each share held in Topdanmark. Based on Sampo’s closing share price of EUR 39.29 on Nasdaq Helsinki on 14 June 2024, the Offer represents a value per Topdanmark share of DKK 366.38, valuing the entire outstanding share capital of Topdanmark at DKK 33 billion. The consideration represents a premium of 27 per cent to the closing share price of Topdanmark on Nasdaq Copenhagen on 14 June 2024 of DKK 289.60. The Offer values the acquired Topdanmark shares at a P/E 2025 of 22.2x (excluding synergies) and 13.0x (including synergies), compared to the median P/E 2025 of the Nordic P&C peer group of 15.4x. Annual estimated pre-tax run-rate synergies amount to EUR 95 million, representing DKK 11.6 per acquired share post-tax. EPS accretion is estimated to be approximately 6 per cent, of which approximately two-thirds relates to planned actions to offset share count dilution.”
” Finland Insurer Sampo Group to Buy Denmark Property & Casualty Insurer Topdanmark for $4.7 Billion in All-Share Deal with Offer Representing 27% Premium Over Closing Price on 14th June 2024, Sampo Currently Owns 48.5% of Topdanmark “
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Torbjörn Magnusson, Group CEO, Sampo: “Our and Topdanmark’s strategies have further aligned in recent years as pure P&C insurers. The unanimously recommended Offer we are announcing today is the next logical step on this journey. By combining the businesses in a fully integrated Nordic operating platform, we can unlock growth and attractive synergies that will strengthen our position as a leading Danish P&C insurer. I am pleased to be able to present this offer to all Topdanmark’s other shareholders today and invite them to join us on this journey.”
Jens Aaløse, Deputy Chair of the Board of Directors of Topdanmark: “We find that the Offer from Sampo represents attractive financial value for the shareholders of Topdanmark and an appealing opportunity for Topdanmark shareholders to take part in the commercial, strategic and financial value creation in the well-diversified Sampo Group with strong growth perspectives. We are furthermore pleased that Sampo acknowledges Topdanmark’s strong position and the critical importance of our competent and skilled employees as a core component in realising business and market potential through increased efficiencies and enhanced growth prospects. The complementary businesses of Topdanmark and Sampo’s operations in Denmark will form a leading P&C insurer in the Danish market, where Topdanmark’s employees will contribute with strong values and culture.”
Topdanmark – Topdanmark is one of the largest Danish P&C insurers with a market share of 15 per cent of the Danish P&C insurance market. The company focuses on the private and SME markets, with 500,000 private customers to which it offers a full range of insurance products, with its main products being motor, home, and contents insurance. In regard to SMEs, Topdanmark serves approximately 120,000 Danish small and medium-sized enterprises and agricultural customers. Topdanmark reported profit before taxes of DKK 1,051 million for 2023. The consolidated profit before taxes in Sampo’s profit and loss account totalled EUR 162 million in 2023. Topdanmark’s combined ratio for 2023 was 85.0 per cent in Sampo’s consolidated figures.
Sampo Group – Sampo Group is a leading P&C insurer in the Nordic region, and the only insurer to offer services across all Nordic countries, customer segments and products. The Group is also a major operator in the growing digital P&C insurance market in the UK. Sampo Group’s annual gross written premiums and brokerage income totalled EUR 8,870 million and the profit before taxes amounted to EUR 1,481 million in 2023. The Group’s combined ratio for the full-year 2023 was 84.6 per cent.
Finland Insurer Sampo Group to Buy Denmark Property & Casualty Insurer Topdanmark for $4.7 Billion in All-Share Deal with Offer Representing 27% Premium Over Closing Price on 14th June 2024, Sampo Currently Owns 48.5% of Topdanmark
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