Just Group is being acquired by BWS Holdings, a wholly owned subsidiary of Brookfield Wealth Solutions (BWS), in a £2.4 billion cash offer.
The deal means Just shareholders will get 220p in cash per share, a 75 per cent premium on the 30 July closing price.
BWS, a mainly North American insurer, is expanding into the UK and sees Just Group as a strong match. The combined business will keep the Just name, with its London office becoming the centre of UK operations.
Meanwhile, the deal is set to boost Just’s annuity business by adding extra financial strength, investment know-how from Brookfield, and support from BWS’s wider retirement services. The combined UK Group will also target future growth in the defined contribution space, with nearly £1.3 trillion in assets forecast across 14.9 million savers by 2044.
BWS said it intends to retain Just’s senior management team and continue operating the business with its current staff and culture, which it described as “strongly aligned” with its own values. Just’s CEO David Richardson and his team have led a multi-year transformation of the business, doubling profits two years ahead of target and reinstating a progressive dividend policy.
The takeover still needs approval from shareholders and regulators, including the PRA and FCA and is expected to complete once court and legal requirements are met.