Just Group PLC (LSE:JUST) shares soared 68% on Thursday after Brookfield Wealth Solutions announced a recommended cash offer for the UK life insurer, valuing the business at £2.4 billion.
Shareholders will receive 220p per share in cash, a premium of 75% to the previous closing price.
The deal, to be implemented via a court-sanctioned scheme of arrangement, is expected to complete in the first half of 2026.
Brookfield’s move will see Just combined with its new UK insurance arm, Blumont, with the combined group operating under the established Just brand.
The deal is seen as a strategic push by Brookfield into the UK annuities market and will give Just access to Brookfield’s substantial capital and investment expertise.
Just’s management team is set to lead the enlarged group, with headquarters remaining in London.
The shares rose 85.69p to 211.69p.