THE HAGUE (dpa-AFX) - Aegon Ltd. (AEGOF, AGN.AS), a life insurance and long-term savings business, on Wednesday announced that it has entered into an agreement to sell its Aegon UK business to Standard Life plc (SDLF.L) for 2 billion pounds, as part of its strategy to focus on its U.S. life insurance and retirement business.
The deal is expected to close around the end of 2026.
The transaction comprises a 15.3% shareholding in Standard Life, equivalent to 181.1 million shares, and a cash component of 0.75 billion pounds.
The cash amount will be reduced by any remittances taken from Aegon UK between signing and closing.
The proceeds from the transaction are expected to be used for a combination of deleveraging and share buybacks following completion.
The transaction values Aegon UK at 14.2 times its 2025 operating result after tax and 1.9 times its 2025 IFRS shareholders' equity.
Following completion, the company will have the right to appoint one non-executive director to Standard Life's board.
On Tuesday, Aegon closed trading 1.15% higher at EUR 6.86 on the Amsterdam Stock Exchange.
On Tuesday, Standard Life trading, 1.68% higher at GBp 713.80 on the London Stock Exchange.
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