Just Retirement Group/Partnership Assurance Group £1.7 billion merger

Overview:

• Permira’s Just Retirement Group and Cinven’s Partnership Assurance Group are to merge forming a new company called JRP Group.
• The merger has in part been driven by changes to UK pensions law in April 2014.
• Cinven bought Partnership in 2008, while Permira bought Just Retirement in 2009.
• The merger will be completed via a court-sanctioned scheme of arrangement of Partnership Assurance. Just Retirement shareholders will own approximately 60% and Partnership Assurance shareholders approximately 40% of the combined JRP Group. The new company will also raise £150 million in new equity.
• Barclays is acting as financial adviser to Just Retirement.

Sam Duke - Editor