In November Chesnara announced the acquisition of the ‘open’ Dutch life insurer Legal & General Nederland for €160m at a 33% discount to its Economic Value (EcV). The acquisition was financed by a combination of new equity, via a Firm Placing and Placing and Open Offer, existing cash resources and draw down on a new debt facility. We think that this is a superb acquisition that complements its previous Dutch acquisition The Waard Group whilst being both EcV and cah/divide
