Overview
- A deal announced Wednesday will see Standard Life pay £750 million in cash and issue 181.1 million new shares to Aegon for its UK business.
- Aegon will become a 15.3% shareholder in Standard Life after closing and will nominate one non-executive director to the board.
- The enlarged group would serve nearly 16 million customers with about £480 billion in assets under administration, with Aegon UK adding 3.8 million customers and £160 billion.
- Standard Life guides to about £160 million in additional annual profit and roughly £400 million of excess cash over five years after integration, with around £110 million a year of savings targeted by 2029–2031.
- Aegon says the sale supports its plan to shift its base to the United States under the Transamerica name and it expects to use cash proceeds for debt reduction and share buy-backs once the deal completes.