Just Group has agreed to a £2.4bn acquisition offer from the Bermuda-headquartered retirement services firm, Brookfield Wealth Solutions (BWS).

The deal, valued at 220 pence per share, represents a 75% premium on the London-listed group’s share price on 30 July.

The offer comes after BWS spun off from Brookfield Corporation in 2021.

While continuing to operate primarily in North America, BWS has been strategically focused on the UK market and recently announce the launch of its UK insurance operations through its whole owned subsidiary, Blumont.

BWS stated that it intends for Blumont and Just Group to operate as a single, consolidated insurance group under the Just brand. It will also look to build on Just’s offering in the UK pension risk transfer segment, which currently holds over £1trn in assets and anticipates volumes of £40bn to £50bn per annum in the coming years.

Furthermore, the combined UK group will benefit from access to the investment expertise of Brookfield Asset Management, which has over $1trn in assets under management, which includes around £63bn in the UK.

The acquisition is set to complete during the first half of 2026.

Following the announcement, shares in Just Group increased by over 67%.

Chief executive officer at BWS, 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. We own and operate insurance companies built for long-term success, supported by high quality assets, and are committed to providing ironclad retirement security products."

Group CEO at Just, David Richardson, added: "The proposed combination with BWS reflects the strength of the Just platform and the long-term value of the strategy we have delivered. BWS and the wider Brookfield group's scale, investment expertise and alignment with our purpose will enable Just to broaden its reach and enhance its offering, which will accelerate the fulfilment of our purpose to help more people achieve a better later life.

"I am really proud of what the Just team has accomplished and grateful for the valuable support our shareholders have shown us over the past years. We look forward to building on our successful growth strategy and strong culture as we enter this exciting next phase for Just."

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