Montreal advises Cornerstone Investors in providing C$3.2bn financing to support Intact Financial Corporation’s proposed acquisition of RSA

Our Montreal office advised Caisse de depot et placement du Quebec (CDPQ), Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan (OTPP) (collectively “Cornerstone Investors”) as investors in the C$3.2bn private placement of subscription receipts by Intact Financial Corporation. The proceeds raised will be used to finance a portion of the £7.2bn (approximately C$12.5bn) acquisition of RSA Insurance Group PLC (RSA) by Intact Financial Corporation. This is the largest acquisition of a UK-listed company this year and is the largest subscription receipts issuance in Canada for 2020. The closing of the acquisition is subject to regulatory and shareholder approvals and is anticipated to be completed in the first half of 2021.

The team is being led by Peter Wiazowski and includes Marc Duquette, Derek Chiasson, Emmanuel Grondin, Thomas Charest-Girard, Petra Vrtkova, Audrey Levesque and Elie Krief.