RSA is best known for its More Than car insurance brand in the UK but has operations all over the world. The acquirers plan to carve up the business as part of the deal.
The 685p-a-share bid for the business represents a 50% premium on RSA’s share price prior to news of the takeover bid breaking earlier this month.
RSA chairman Martin Scicluna urged investors to back the “attractive” offer.
“We believe that our staff, our businesses and our customers can prosper under the stewardship of Intact and Tryg, two great businesses with long histories and strong reputations,” Scicluna said in a statement.
If approved by shareholders, RSA would be split between Intact and Tryg. Intact will take control of the company’s UK, Canadian, and international operations, while Tryg will take over the Scandinavian business. RSA’s Danish franchise will be jointly owed by Tryg and Intact.
Tryg will pay £4.2bn for its part of the business, while Intact will pay £3bn.
“Acquiring RSA's strong businesses will expand our leadership position in Canada, build on our expertise in specialty lines, and provide a substantial opportunity to build on the UK and international operations,” Charles Brindamour, chief executive of Intact, said in a statement.
“With their skills and experience, RSA's employees will join us in helping people, businesses and society prosper in good times and be resilient in bad times.”
Morten Hübbe, group chief executive of Tryg, said in a statement: “We are pleased to be formalising our offer for RSA's Swedish and Norwegian franchise.
“These are excellent companies, with fantastic people, well-regarded brands, happy and loyal customers, and strong financial results.”
Shares in RSA rose 4% in early trade on Wednesday to trade at 673p.
Shares in Tryg were 1.8% lower in Copenhagen.
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