LONDON: If P&C Insurance Holding has signed an agreement to buy Viking Redningstjeneste TOPCO A/S.

The acquisition price for 100 per cent ownership is EUR 32 million (NOK 325 million) which is paid in cash. The enterprise value is EUR 114 million.

If P&C Insurance Company Ltd. is a property and casualty insurance company with approximately 3.8 million customers in Sweden, Norway, Finland, Denmark, Estonia, Latvia, Lithuania and Russia.

Viking is a Nordic roadside assistance company headquartered in Norway. It serves its customers through an extensive nationwide network of stations in Norway, Sweden, Denmark and Finland. The acquisition of Viking will strengthen If’s offering towards its partners and further improve If’s position as the leading Nordic insurance and service provider within the mobility area.

The transaction is subject to approval by competition authorities in Norway and Sweden and is expected to be finalized in early 2020.