Regulators clear Brookfield Wealth Solutions takeover of Just Group
Just Group PLC on Monday said regulators have cleared it acquisition by BWS Holdings Ltd, a takeover vehicle owned by Bermuda-based Brookfield Wealth Solutions Ltd.
Just Group is a Reigate, Surrey-based provider of retirement income products. Back in July, it agreed to the terms of a £2.4 billion takeover deal.
Chair John Hastings-Bass said the offer ‘delivers certain value for shareholders at an attractive cash premium’. It sees Just Group investors receiving 220 pence in cash for each share held.
Just Group shares rose 0.4% to 218.30p on Monday morning in London.
As of June, wealth management firm BWS had approximately $140 billion in total assets. It operates primarily in North America, but recently launched its UK insurance offering through wholly owned subsidiary Blumont Annuity Co UK Ltd. BWS intends for Blumont and Just to operate as a single entity under the Just brand.
Just shareholders approved the scheme in September and as of Monday, it has approval from the UK Financial Conduct Authority and Prudential Regulation Authority. It also has clearance from the South African Prudential Authority and Financial Sector Conduct Authority for a change in shareholding of Just Retirement Life (South Africa) Ltd following the deal. The UK Competition & Market Authority and South African antitrust regulator’s requirements are satisfied, Just Group added.
A court sanction hearing is scheduled to take place on Friday, with the takeover scheme expected to come into effect on April 1.
On Friday, Just Group posted a 75% drop in pretax profit for 2025, with the bottom line slipping to £120 million from £482 million. The decline reflected a combination of lower underlying profit, strategic costs and investment and economic losses.
With its takeover on the horizon, Just Group said it did not intend to pay a final dividend for 2025.
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