Brookfield Wealth Solutions (BWS) has announced plans to acquire Just Group for 220 pence per share in cash, in a move that the Chancellor, Rachel Reeves, has highlighted as a demonstration of the "strong faith" in the UK economy.

The offer of 220 pence per share in cash marks a 60 per cent premium to the 3-month volume-weighted average share price and is 29 per cent higher than the historical high of Just Group’s shares.

BWS confirmed that it intends for Just and its recently launched UK insurance company, Blumont, to operate as a single consolidated insurance group under Just’s brand and under the leadership of Just’s existing senior management, with London as the headquarters of the combined group.

The combined UK group will look to build on Just's offering in the UK pension risk transfer segment, with Just set to benefit from expanded de-risking capability, which is in turn expected to enable the group to serve an expanded range of small and large schemes.

In addition to this, the acquisition is intended to help position Just to maintain its offering in individual annuities while enhancing its ability to capitalise on evolving retirement trends, including the growing opportunities in defined contribution pensions.

The announcement on the acquisition revealed that Just Group's directors believe that access to additional financial resources and capital as part of the BWS group will make the group more resilient, protecting existing and future customers and enhancing the benefits that Just can provide.

The combined group will also benefit from access to Brookfield Asset Management, which originates low-volatility assets that should be well-suited to insurance company balance sheets and well-matched to the long-dated liabilities associated with Just's products.

Indeed, Just said that access to Brookfield Asset Management's origination capabilities and investment management expertise will enable Just Group to deliver a broader range of competitively priced products to a larger number of customers.

This additional investment is also intended to directly benefit the UK real economy, supporting important productive sectors.

And this news has also been welcomed by Chancellor, Rachel Reeves, who highlighted the commitment as a demonstration of the "strong faith" in the UK economy.

"I welcome Brookfield's investment in Just Group," she stated.

"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 £120bn."

BWS also said that the acquisition will be "transformational" for its position in the UK market, establishing the combined UK group as an attractive platform for further growth.

Commenting on the acquisition, BWS chief executive officer, Sachin Shah, said: "The acquisition of Just will accelerate our growth ambitions for the UK, a core region for us given its status as one of the world's preeminent pension markets, combined with highly attractive investment opportunities.

"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. We own and operate insurance companies built for long-term success, supported by high-quality assets, and are committed to providing ironclad retirement security products."

Adding to this, Just chair, John Hastings-Bass, said: "The Just Board is pleased to recommend the acquisition by BWS, which 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.

"The Just Board also welcomes BWS's strategic plans for Just, which it believes will benefit existing and future customers, Just employees, and the UK economy through investment in important productive assets."

The acquisition, which is expected to be completed during the first half of 2026, is set to be effected by means of a court-sanctioned scheme of arrangement between Just and scheme shareholders under Part 26 of the Companies Act.

However, Bidco reserves the right to elect to implement the acquisition by way of a takeover offer, subject to the consent of the panel (where necessary) and the terms of the Cooperation Agreement.

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