One of the major UK life companies; Just Retirement has been taken over by the private equity company Permira in a £225.5 million ($360.5 million) agreement.
Permira-backed bid vehicle Avalon Acquisitions are offering 76p per share for the whole Just Retirement company and they are to also inject £25 million into them once the complete takeover is agreed through an increase in capital.
Just Retirement, which provides investment products for retirement purposes, such as equity release & annuities revealed it had received bid approaches last November and confirmed earlier this year they were working with Permira towards a deal.
The deal also includes a securities alternative, under which shareholders can opt to receive one non-listed unit for every ten Just Retirement shares in order to retain an interest in the company.
Just Retirement has also reported results for the year to 30th June which shows that the European Embedded Value of underlying pretax operating profit of £79.4 million which is up 20% on the previous year.
Just Retirement hierarchy have confirmed that current trading was very satisfactory.
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