Just Retirement Group/Partnership Assurance Group £1.7 billion merger

11/8/2015
Merger

£ 1.7 billion

$ 2.128 billion

Announced

11/8/2015


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

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