Intact taps institutional investors to help finance RSA deal

By The IJ Staff | November 12 2020 03:30PM

Photo: Freepik

Intact Financial Corporation announced Nov. 12 that is has approached and entered into subscription agreements with the subsidiaries of several large institutional investors to help finance part of the purchase price if Intact ultimately makes an offer to buy RSA Insurance Group PLC.

The agreements with the Caisse de dépôt et placement du Québec (CDPQ), the Canada Pension Plan Investment Board (CPPIB) and the Ontario Teachers' Pension Plan Board will result in the company receiving $3.2-billion in gross proceeds. CDPQ, CPPIB and Ontario Teachers have each committed $1.5-billion, $1.2-billion and $500-million, respectively.

Under the agreements, each subscription receipt will entitle the holder to receive one common share of Intact, along with an undisclosed commitment fee when the deal with RSA closes. Completion of the offering is conditional upon the consortium of Intact and Danish insurer Tryg announcing a firm offer for RSA.

Related topics …
close button

Faites le plein de nouveautés !

  • Santé/mieux-être au travail
  • Pandémie et assurance collectives
M’inscrire pour voir
la rediffusion
  • Soins virtuels:
    de l'échec à l'explosion!
  • Autogestion: par
    où commencer ?
close button

Les vitrines du

Image conférence

Ayez tous les outils en main pour
performer dans cette nouvelle réalité

Des leaders en assurance, santé collective et avantages sociaux.