Chesnara (CSN) has bought Legal & General 's (LGEN) Dutch business for €160m (£140m), which will be part-funded via a share placing. The acquisition of Legal & General Nederland will enhance Chesnara's economic value by £126m, gross of the £70m equity-raise.
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The acquisition will sit alongside the closed book life insurance consolidator's existing Dutch business Waard, which the group bought in 2015. Interestingly, this latest acquisition is an open book life insurance businesses - a break from the group's traditional business lines. Chesnara's Swedish operations also write new business. This purchase price represents a discount of 33 per cent to the Dutch business's economic value.
