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(Bloomberg) — Standard Life Plc agreed to bargain the UK limb of Dutch insurer Aegon Ltd. for £2 cardinal ($2.7 billion) arsenic the savings steadfast looks to drawback a bigger portion of Britain’s pensions market.
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“The proceeds are valued astatine £2.0 cardinal and dwell of a shareholding of 15.3% (181.1 cardinal shares)” successful Standard Life and a currency magnitude of £0.75 billion, the steadfast said successful a connection Wednesday. That’s “equivalent to 14.2x 2025 operating effect aft taxation and 1.9x 2025 IFRS Shareholder’s equity.”
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Amsterdam-listed Aegon said successful December it volition relocate its office to the US implicit the adjacent 2 years and volition rename itself Transamerica Inc. As portion of the move, the institution said it was evaluating each options for Aegon UK, including a sale.
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Standard Life won the bidding process for the business, which had besides attracted involvement from Lloyds Banking Group Plc, Royal London and Great-West Lifeco Inc.’s Canada Life unit. Aegon UK offers pensions and concern services to much than 3.5 cardinal customers. Its level oversaw £124 cardinal successful assets astatine the extremity of the 3rd quarter, according to a institution presentation.
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The transaction is the latest motion of accrued contention among UK pension providers, with firms looking to grow their offerings and entree to customers.
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Standard Life, which retired its erstwhile sanction Phoenix Group earlier this year, is besides successful talks with alternate plus managers to constitute larger pension risk-transfers, a booming marketplace successful the UK security sector.
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