Latham
& Watkins advised the underwriting syndicate consisting of Danske Bank and
Morgan Stanley, Citi, HSBC and Nordea in connection with a rights issue by Tryg
A/S to raise gross proceeds of DKK 37 billion (£4.3 billion). The offering
comprises 352,505,989 new shares at DKK 105 per new share. The rights issue is
the largest ever equity raise by a Scandinavian listed company.
Tryg is one
of the largest non-life insurance companies in the Scandinavian region. The
rights issue enables Tryg to
finance its contribution to the cash consideration for its acquisition of RSA
Insurance Group plc (RSA), alongside Intact Financial Corporation. Following
the acquisition, Tryg will retain RSA's Swedish and Norwegian businesses, and
will co-own RSA's Danish business on a 50:50 economic basis. Intact Financial
Corporation will retain RSA's Canadian, UK and international operations.
The Latham
team was led by London corporate partners James Inness and Anna Ngo, with
associate Nick Fisher. Corporate partner Ryan Benedict and capital markets
lawyer Irene Pistotnik advised on US securities matters, while London corporate
partner Douglas Abernethy advised on UK Takeover Code matters. Advice was
provided in conjunction with Bruun & Hjejle in Denmark.