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Storebrand acquires nearly 91% stake in Skagen

Storebrand ASA acquired all of the A shares and 10,000 B shares in investment manager Skagen AS, corresponding to 90.95% of the latter's share capital and 99.9% of its voting rights.

Under the share purchase agreement, 75% of the consideration would be paid with newly issued shares in Storebrand. The Norwegian insurer's board authorized the issuance of 17,904,091 new shares in the company at a subscription price of 68.24 Norwegian kroner per share, for a total of about 1.22 billion kroner.

The remaining 25% of the consideration will be in cash, Storebrand said in October. The company has received all public approvals for the transaction.

As of Dec. 6, US$1 was equivalent to 8.27 Norwegian kroner.