UK retirement specialist Just Group has been bought by Bidco, a subsidiary of Canadian firm Brookfield Wealth Solutions, for £2.4bn.
As part of the all-cash deal Just shareholders will be entitled to receive 220p cash per Just share.
BWS, which was spun off from Brookfield Corporation in 2021, mainly operates in North America but recently announced the launch of its UK insurance operations through its subsidiary, Blumont Annuity, as it focuses more on the UK market.
As well as being a subsidiary of BWS, Bidco is the indirect parent company of Blumont and BWS's other regulated insurance company subsidiaries.
Under the agreement Blumont and Just will operate as a single, consolidated insurance group under the Just brand to build on Just's UK pension risk transfer offeirng, which currently holds over £1trn in assets.
Following the deal’s completion and the merger of Blumont with Just, Just’s senior management will become the leadership team for the combined UK Group and the London head office will become the headquarters of the group.
The Acquisition is subject to shareholder and regulatory approval.
BWS CEO Sachin Shah said: "The acquisition of Just will accelerate our growth ambitions for the UK, a core region for us given its status as one of the world's preeminent pension markets combined with highly attractive investment opportunities.
"We look forward to supporting Just's growth in the UK, building on its commitment to providing financial certainty and excellent service to its policyholders."
John Hastings-Bass, Chair of Just, added: "The Just board is pleased to recommend the acquisition by BWS, which delivers certain value for shareholders at an attractive cash premium.
“The acquisition reflects the strength of Just's business and the significant financial and strategic progress the Just management team, led by David Richardson, has delivered in recent years.
“The Just Board also welcomes BWS's strategic plans for Just, which it believes will benefit existing and future customers, Just employees and the UK economy through investment in important productive assets."
