- Standard Life, recently rebranded from Phoenix Group, has agreed to buy Aegon’s UK business for £2 billion.
- The deal involves Standard Life paying £750 million in cash and issuing 181.1 million new shares to Aegon, granting the Dutch firm a 15.3 per cent stake and a board seat.
- This acquisition will create a significant pension and savings entity, overseeing 16 million customers and £480 million in assets under administration.
- Standard Life aims to become the UK’s second-largest player in both retail pensions and savings, and workplace pensions, adding Aegon UK’s 3.8 million customers and £160 billion in assets.
- The transaction, expected to be completed by the end of 2026, is projected to generate £110 million in annual savings through integration and operational efficiencies.
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