Storebrand ASA &
Gjensidige Forsikring AS | Update Date: 11/27/08 |
| Date Announced: 10/09/08 |
Value (million $USD): 126.2 million U.S. Dollar
781.9 million Norwegian Krone |
|
| Status: Completed | |
| TRANSACTION DETAILS |
|---|
| Date Announced | 10/09/08 | | |
| Date Originally Announced | 10/09/08 | | |
| Format | Acq. Part. Int. | Acquisition techniques | Privately Negotiated Purc |
| Attitude | Neutral | Agency | n/a |
| Value | 126.2 million U.S. Dollar
781.9 million Norwegian Krone | Advisor Fees | n/a |
| SYNOPSIS |
|---|
| NORWAY - Gjensidige Forsikring AS raised its stake to 24.05% from 15.36%, by acquiring an 8.69% stake, or 39.097 mil ordinary shares, in Storebrand ASA, an Oslo-based provider of insurance and banking services, from Exista hf, for 20 Norwegian kroner ($3.227 US) per share, or a total value of 781.943 mil kroner ($126.183 mil), in a privately negotiated transaction. |
| TARGET |
|---|
| Name | Storebrand ASA (Oslo : STB) |
| Industries | Accidental and health insurance; Fire, marine, and casualty insurance; Surety insurance; Investment advice; Security and commodity services, nec; Management investment offices, open-end; Investment offices, nec; Investors, nec; Pension, health, and welfare funds; Management consulting services |
| City | Oslo |
| State | n/a |
| Nation | Norway |
| Incorporated in | n/a |
| Public Status | Public |
| Business Description | Storebrand ASA, based in Oslo, Norway, provides insurance and banking services together with related financial advisory services such as investment management pension activities, asset and fund management, real estate management and related services. The group has four main business areas namely Storebrand Life Insurance, Storebrand Investments, Storebrand Bank and Storebrand Skadeforsikring. The company operates through its branch offices and subsidiaries in Norway, Sweden and Denmark and was founded in 1767. |
| Advisors | NULL |
| Target Sales | 4.89 billion U.S. Dollar
28.64 billion Norwegian Krone |
|
| ACQUIROR |
|---|
| Name | Gjensidige Forsikring AS |
| Industries | Fire, marine, and casualty insurance; Surety insurance |
| City | Oslo |
| State | n/a |
| Nation | Norway |
| Incorporated in | n/a |
| Public Status | Private |
| Business Description | Gjensidige Forsikring AS, headquartered in Oslo, Norway, is an insurance company that focuses on delivering general insurance services. The company's offerings are divided into four primary groups: Household, which includes motor, home and holiday home insurance, personal, travel, motorcycle and moped insurance, pleasure craft, as well as the insurance of valuable objects; Business, which comprises industrial, comprehensive business, personal (including occupational injury insurance) and motor insurance, as well as mandatory occupational pensions and investment products; Agricultural, which includes all insurance products and services associated with agricultural properties and their operation, as well as Health, which comprises security services for older persons living at home and people requiring care. Gjensidige Forsikring BA operates through its subsidiaries, including Oslo Areal ASA, Glitne Invest AS, Fair Financial Ireland LTD and Parekss Insurance Company Ltd., among others. |
| Advisors | NULL |
| Acquiror Sales | n/a |
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