<\/p>\n
Aegon will become part of Standard Life (pic: DB Media Services)<\/p>\n
Standard Life is acquiring Aegon UK in a \u00a32 billion combination of two Scottish brands that will create the UK\u2019s largest retirement savings and income business.<\/p>\n
The combination will have \u00a3480 billion in assets under administration and 16 million customers.<\/p>\n
The acquisition will be funded through a combination of debt, cash, and the issuance of new Standard Life shares to Aegon.<\/p>\n
The deal comprises the Edinburgh-based insurance and pensions operations of Aegon. <\/p>\n
It is projected to deliver \u00a30.8 billion in net synergy value and generate \u00a3160 million in additional operating cash generation annually.<\/p>\n
Aegon, based in The Netherlands, put its UK operations up for sale before Christmas as part of a restructuring that will see the group move its headquarters to the US.<\/p>\n
Our story in December<\/p>\n
Phoenix, which recently rebranded as Standard Life, was among those mentioned as potential buyers of the UK business which has been based in Scotland for more than 30 years. Aegon entered the UK by acquiring Scottish Equitable.<\/p>\n
Commenting on the transaction, Andy Briggs, group CEO of Standard Life, said: \u201cOur agreement to acquire Aegon UK significantly accelerates our vision to be the UK\u2019s leading retirement savings and income business. <\/p>\n
\u201cWe 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\u2019s most attractive markets. <\/p>\n
\u201cFurthermore, the transaction accelerates our shift to capital-light whilst strengthening our cash, capital and earnings position to create increased value for shareholders.<\/p>\n
Andy Briggs: stronger and better<\/p>\n
\u201cWith financial wellbeing at the heart of everything it does, Aegon UK\u2019s values and culture are aligned with our own. <\/p>\n
\u201cTogether, we will not only be stronger, we will be better \u2013 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.\u201d\u00a0\u00a0\u00a0<\/p>\n
Lard Friese, Aegon CEO, commented: \u201cStandard Life is the right owner for Aegon UK: we share the same values and a strong commitment to customers, and together the businesses will create the UK\u2019s largest retirement savings and income provider. <\/p>\n
\u201cThe businesses are complementary and the combination offers an excellent outcome for Aegon UK\u2019s customers and colleagues. Aegon\u2019s shareholding will provide an opportunity to participate in the future success of the enlarged group.\u201d<\/p>\n
\u2026 more follows<\/p>\n
\t #Standard #Life #billion #swoop #Aegon #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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