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.