{"id":39240,"date":"2025-08-01T23:42:17","date_gmt":"2025-08-01T23:42:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/39240\/"},"modified":"2025-08-01T23:42:17","modified_gmt":"2025-08-01T23:42:17","slug":"rachel-reeves-backs-2-4bn-foreign-takeover-of-pension-firm-just","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/39240\/","title":{"rendered":"Rachel Reeves backs \u00a32.4bn foreign takeover of pension firm Just"},"content":{"rendered":"

Just Group shares skyrocket as board backs takeover by BWS\u00a0<\/p>\n

By MIKE SHEEN<\/a> <\/a> <\/p>\n

Updated: 09:34 EDT, 31 July 2025 <\/p>\n

Chancellor of the Exchequer Rachel Reeves has backed a \u00a32.4billion takeover of pension insurance firm Just Group by Canada’s Brookfield Wealth Solutions.<\/p>\n

Shares in Just Group soared by around 70 per cent on Thursday after the FTSE 250 group agreed a deal at a massive premium.<\/p>\n

The financial services firm will be bought by Brookfield Wealth Solutions in a \u00a32.4billion deal that will see the Canadian firm build its presence in the UK pension insurance market after getting regulatory approval earlier this year.\u00a0<\/p>\n

London-based Just Group is a specialist in defined benefit de-risking, individual retirement income and care markets, serving 700,000 customers and responsible for around \u00a327billion of savings.<\/p>\n

Reeves welcomed the deal, which she said\u00a0 ‘demonstrates strong faith in the UK economy’.<\/p>\n

Just Group shareholders will receive 220p per share, equivalent to a 75 per cent premium to its closing price at the end of July.<\/p>\n

\"Just <\/p>\n

Just Group is a specialist in defined benefit de-risking, individual retirement income and care markets<\/p>\n

The acquisition comes after Brookfield Wealth Solutions, a unit spun off from Brookfield Corporation in 2021, announced plans to enter the UK pension risk transfer market.<\/p>\n

Reeves said: ‘I welcome Brookfield’s investment in Just Group.\u00a0<\/p>\n

‘Brookfield are a major investor, and this commitment demonstrates strong faith in the UK economy as we deliver on the Plan for Change, reinforcing the fact that the UK remains one of the best places in the world for business which has attracted a record level of private sector investment since the election, worth \u00a3120billion.’\u00a0<\/p>\n

BWS enters UK pension insurance market\u00a0<\/p>\n

Brookfield has been operating in the UK insurance market under Blumont Annuity UK since it recieved the regulatory all clear earlier this year.\u00a0<\/p>\n

BWS, which focuses on providing retirement products through consumer-facing platforms in North America and the UK, currently manages over $140billion of assets globally and employs more than 4,000 people.\u00a0<\/p>\n

Sachin Shah, chief executive of BWS, said the deal ‘will accelerate our growth ambitions for the UK,’ which he described as ‘a core region for us given its status as one of the world’s preeminent pension markets combined with highly attractive investment opportunities’.<\/p>\n

He added: ‘We look forward to supporting Just’s growth in the UK, building on its commitment to providing financial certainty and excellent service to its policyholders.’<\/p>\n

Just Group’s board has backed the offer, which it says provides the firm with access to greater financial resources and capital.<\/p>\n

Just Group shares <\/a>were up 68 per cent to 211.5p in early trading on Thursday.<\/p>\n

Just Group boss David Richardson said the deal ‘reflects the strength of the Just platform and the long-term value of the strategy we have delivered’.<\/p>\n

He added: ‘BWS and the wider Brookfield group’s scale, investment expertise and alignment with our purpose will enable Just to broaden its reach and enhance its offering, which will accelerate the fulfilment of our purpose to help more people achieve a better later life.’<\/p>\n

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\n Rachel Reeves backs \u00a32.4bn foreign takeover of pension firm Just<\/p>\n