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BRIEF-Norway's Insr Insurance to buy competitor Nemi in NOK 320 mln deal
August 18, 2017 / 4:29 AM / a month ago

BRIEF-Norway's Insr Insurance to buy competitor Nemi in NOK 320 mln deal

Aug 18 (Reuters) - Insr Insurance Group

* has entered into a share purchase agreement for acquisition of 100% of shares in Nemi forsikring from its sole owner alpha insurance a/s

* purchase price for 100% of shares in nemi is NOK 320 million ($40.16 million) of which nok 230 mln is payable in cash at closing and nok 90 million is payable by issuing new shares

* Transaction will be financed through issuance of the Consideration Shares and with new equity through a planned private placement

* Insr intends to raise around NOK 240 million in the private placement in addition to the NOK 90 million obtained through the issuance of shares

* Insr has received significant commitments for the private placement at a share price of up to NOK 7.0 from its largest shareholder, Investment AB Öresund and from HDI V.a.G., a German mutual insurance group and the majority owner of Talanx AG

* Insr expects that the Transaction will be completed in the fourth quarter of 2017

* ABG Sundal Collier ASA acts as financial advisor to Insr Source text for Eikon: Further company coverage: ($1 = 7.9680 Norwegian crowns) (Reporting By Terje Solsvik)

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