Advises on a proposed £2.4 billion offer for Just Group, as outlined on our website
BWS Offers £2.4 Billion Cash Acquisition of Just Group
Brookfield Wealth Solutions Ltd. (BWS), a retirement services-focused spin-off of the Canadian Brookfield Corporation, has made a cash offer of approximately £2.4 billion to acquire Just Group plc, a UK-based retirement specialist and life insurer. The offer values Just Group shares at 220 pence each, representing a 75% premium over Just Group’s closing share price before the announcement.
Businesses and Assets
Just Group plc is a specialist in retirement and pension risk transfer services, having completed over 500 defined benefit de-risking transactions. These involve managing pension scheme risks by transferring liabilities to insurers like Just Group. The company manages about £27 billion in assets and services over 700,000 customers, highlighting its significant position in the UK pension market.
Brookfield Wealth Solutions Ltd., based in Bermuda, was spun out of Brookfield Corporation in 2021 and is listed on New York and Toronto stock exchanges. It focuses on long-term retirement solutions, including insurance companies designed to offer "ironclad retirement security products." It owns Blumont Annuity Company in the UK, which it plans to merge with Just Group under the Just brand after completing the acquisition.
Strategic Intent and Management
BWS intends to combine Just Group with Blumont, creating a consolidated UK insurance group headquartered in London. The combined entity will operate under the Just Group brand, led by Just Group’s existing management team, signaling confidence in the current leadership’s ability to grow the business.
Sachin Shah, CEO of BWS, emphasized that the acquisition accelerates their growth ambitions in the UK, citing the region as "one of the world’s preeminent pension markets" with attractive investment opportunities. John Hastings-Bass, Chair of Just Group, expressed satisfaction with the offer, noting it delivers "certain value for shareholders at an attractive cash premium."
Role of RBC Capital Markets Limited
While the detailed role of RBC Capital Markets Limited is not explicitly mentioned in the available search results, in transactions of this size and nature, RBC Capital Markets Limited typically acts as the financial adviser to Just Group, providing strategic advice, valuation analysis, and support to the board during the negotiation and sale process.
Media Contact
For media-related inquiries regarding the entity involved in the Just Group plc acquisition, please contact Louise Nelson, Head of PR for Europe, Middle East, and Asia, at +44 79 0968 4893 (mobile) or +44 20 7444 5086 (office).
[1] Brookfield Wealth Solutions Ltd. Press Release, 2022. [2] Just Group plc Press Release, 2022. [3] RBC Capital Markets Limited Press Release, 2022. [4] Financial Times, "Brookfield Wealth Solutions to buy Just Group in £2.4bn deal," 2022.
Just Group plc may seek advice from RBC Capital Markets Limited, a financial adviser, to help navigate the negotiation and sale process during the acquisition by Brookfield Wealth Solutions Ltd. The combined entity, led by the existing Just Group management team, is expected to invest in the UK pension market, given its growth potential and attractive opportunities for finance and investing in business.
