By Ian Walker


Sampo has agreed to buy the shares of Topdanmark that it doesn't already own in a deal that values the Danish insurance company at 33 billion Danish krone ($4.73 billion).

Under the deal accepting shareholders will get 1.25 Sampo A shares for each Topdanmark share held, the companies said on Monday. The offer values each Topdanmark share at DKK366.38 and is a 27% premium to the company's closing share price of DKK289.60 on Friday.

Alongside the offer Sampo said that it plans to buyback up to 800 million Euros ($856.4 million) of its shares to offset the share-count dilution from the deal.

"By combining the businesses in a fully integrated Nordic operating platform, we can unlock growth and attractive synergies that will strengthen our position as a leading Danish P&C insurer," Sampo Chief Executive Torbjorn Magnusson said.

Sampo currently owns around 49.3% of Topdanmark's issued share capital, according to FactSet.


Write to Ian Walker at ian.walker@wsj.com


(END) Dow Jones Newswires

06-17-24 0215ET