Danish insurance coverage agency Topdanmark Forsikring has signed a deal to purchase Oona Well being and all its subsidiaries in a deal valued at DKK2.25bn ($321.25m).
Oona Well being, which was owned by AnaCap Monetary Companions and several other minority shareholders, includes Forsikringsselskabet Dansk Sundhedssikring and PrimaCare, amongst others.
The acquired agency specialises in medical health insurance and is claimed to have a market share of roughly 16% in 2021 within the Danish non-public medical health insurance area.
Topdanmark is targeted on the non-life insurance coverage sector and the acquisition of Oona Well being types a part of its efforts to reinforce its services and bolster its market presence.
Oona Well being caters to each firms and their staff and distributes its well being merchandise through brokers, pension firms and immediately.
To fund the acquisition, Topdanmark’s board of administrators has agreed to decrease the deliberate dividend for 2022 from the beforehand acknowledged DKK53.5 ($7.64) per share to DKK31 ($4.43) per share.
The transaction is topic to regulatory approval and is predicted to finish within the second half of 2023.
Upon completion, Oona Well being will proceed to function as a separate entity with the administration and a few staff retaining a minority stake of as much as 3% in it.
For the acquisition, Carnegie acted as Topdanmark’s monetary advisor and authorized counsel was supplied by Accura Advokatpartnerskab.