Canada-based P/C insurer, Intact Financial Corporation, and subsidiary RSA, have received approval today to complete the acquisition of Direct Line Insurance Group plc’s brokered Commercial Lines operations.
The transaction is anticipated to close on 26th October, upon payment of a £520m cash consideration.
The company will fund the purchase price and expected integration costs using the proceeds from its recently completed $575m common share offering and $400m medium-term note issuance.
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