Just Group PLC (LSE:JUST), the FTE 250 retirement specialist, has agreed to be taken over by Bermuda-based Brookfield Wealth Solutions for £2.4 billion.
BWS, spun out of Canadian giant Brookfield Corporation in 2021 and listed in New York and Toronto, will pay Just shareholders 220p in cash per share, a 75% premium to yesterday's closing price of 126p.
The Just board unanimously recommended the acquisition.
BWS said its plan is to combine Just with its UK subsidiary, Blumont Annuity Company, under the Just brand and Just Group's management team.
John Hastings-Bass, chair of Just, said the board was pleased to recommend the acquisition as it "delivers certain value for shareholders at an attractive cash premium".
"The acquisition reflects the strength of Just's business and the significant financial and strategic progress the Just management team, led by David Richardson, has delivered in recent years."