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In a major transaction across the Scandinavian, Canadian and UK markets, leading global law firm Herbert Smith Freehills has advised Copenhagen-based Scandinavian insurance company Tryg A/S (Tryg), as part of a consortium with Intact Financial Corporation (Intact) which co-bid for RSA together with Tryg.

The total cash consideration for the acquisition is approximately £7.2 billion. Under the terms of the deal, Tryg will pay c.£4.2 billon and retain RSA’s Swedish and Norwegian businesses, and Intact will pay c.£3 billion to retain RSA’s Canadian, UK and international operations. The two companies will co-own RSA’s Danish business. The transaction is expected to close in Q2 2021.

The Herbert Smith Freehills team was led by Corporate M&A partner Malcolm Lombers, partners Mike Flockhart (Corporate ECM), Tom O’Neill (Corporate US Securities), Geoffrey Maddock (Corporate insurance) , Nick May (Finance), Kristen Roberts (Finance), Veronica Roberts (Competition) and Isaac Zailer (Tax). Team members include Sara Canby, Juan Grana, Paul Hartley, Yusra Jafar, Josh Lom, Robin Morris, Brian O’Malley, Kate Peck, Meera Thakrar, Emily Thomas, Shaun Williamson and Umu Wurie (Corporate), Oliver Henderson and Nicholas Rutter (Finance), and Max Kaufman (Competition). The wider team also includes Regulatory: Clive Cunningham, Mark Staley and Harry Millerchip; Pensions: Rachel Pinto and Joseph Goddard; Incentives: Paul Ellerman and Kiran Khetia; Employment: Tim Leaver and Anna Law; TMT: David Coulling and Lyndon Coppin; and IP: Joel Smith, Laura Deacon and Jess Welborn. 

Tryg was also advised by leading Danish law firm Plesner Advokatpartnerselskab, Schjodt in Norway and Mannheimer Swartling in Sweden. The Plesner team includes Gitte Holtsø, Henrik Laursen, Micha Fritzen, Nicolai Ørsted, Janus Jepsen, Jakob Skafte-Pedersen, Charlotte Hasseriis Iversen, Casper Münter, Emil Deleuran and Rasmus Mandøe Jensen.