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Just Group shares rocket after Brookfield offers £2.4bn
(Sharecast News) - Shares in Just Group rocketed on Thursday after Canada's Brookfield agreed a £2.4bn deal to buy the UK life insurer as it moves into the British pension insurance market. Brookfield Wealth Solutions, the company's insurance unit, will pay 220p a share in cash, a 75% premium to the Just closing price of 126p on July 30. Shares in Just surged 68% in London trade.
It plans to merge Just Group with its Blumont operations in the UK with the two offering services under the Just brand.
Just's board said that while it was still confident in the company's potential, the delivery of future value was "inherently uncertain and exposed to factors beyond the ... group's control, including changes in regulatory and government policy, periods of market turbulence and interest rate volatility, the outlook for the broader UK economy and increasing competition from new market entrants".
London-based Just specialises in defined benefit scheme de-risking, individual retirement income and care markets, with 700,000 customers and responsibility for around £27bn in savings.
Reporting by Frank Prenesti for Sharecast.com
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