The combination of these two highly complementary businesses accelerates Standard Life’s vision to be the UK’s leading retirement savings and income business whilst strengthening our cash, capital and earnings position to create increased value
The Transaction will be funded through a combination of cash, debt and shares in Standard Life, with Aegon becoming a strategic shareholder and asset management partner
The acquisition is expected to increase Group operating cash generation and IFRS adjusted operating profit by approximately £160 million per annum, and to deliver £0.4 billion of additional excess cash over the five years following completion
Establishes Standard Life as the UK’s second largest workplace pensions platform by assets and customersStandard Life will move from a smaller retail provider to the UK’s second largest retail pensions and savings platform
Commenting on the Transaction, Andy Briggs, Group CEO of Standard Life, said: “Our agreement to acquire Aegon UK significantly accelerates our vision to be the UK’s leading retirement savings and income business. We will be in an even stronger position to meet the evolving needs of our 16 million customers with enhanced digital, advice and distribution capabilities across Workplace and Retail, strengthening our standing in one of the world’s most attractive markets. Furthermore, the transaction accelerates our shift to capital-light whilst strengthening our cash, capital and earnings position to create increased value for shareholders.
With financial wellbeing at the heart of everything it does, Aegon UK’s values and culture are aligned with our own. Together, we will not only be stronger, we will be better - helping our customers achieve better outcomes and greater financial security in later life. I look forward to welcoming everyone at Aegon UK to Standard Life in due course and working together to capture the huge potential in front of us.”
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