Standard Life has agreed to buy rival Aegon’s UK business for £2 billion in a move set to create a pension and savings giant with 16 million customers and £480 million assets under administration.
The deal will see Standard Life – recently rebranded from Phoenix Group – pay £750 million in cash and issue 181.1 million new shares to Dutch financial firm Aegon.
Aegon will own a 15.3% stake in FTSE 100 listed Standard Life following the acquisition.
Andy Briggs, Standard Life chief executive, said: “Our agreement to acquire Aegon UK significantly accelerates our vision to be the UK’s leading retirement savings and income business.
“Together, we will not only be stronger, we will be better.”
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