Brookfield to Buy UK’s Just Group for £2.4bn

Brookfield Wealth Solutions, a Canadian investment group, has agreed to acquire UK insurer Just Group for £2.4 billion ($3.18 billion), offering shareholders a 75% premium at 220 pence per share. The deal, unanimously backed by Just Group’s board, aims to expand Brookfield’s presence in the growing UK pension risk-transfer market, where demand for bulk annuities is increasing. Shares of Just Group jumped nearly 69%, reaching their highest level since 2014 after the announcement. Brookfield CEO Sachin Shah stated the acquisition will accelerate the company’s UK ambitions and provide Just with increased financial resources. The deal comes amid rising overseas interest in undervalued UK stocks and follows Brookfield’s strategic focus on UK pensions earlier this year. Analysts view the offer as highly attractive and do not anticipate a better bid emerging soon.