Standard Life snaps up Aegon UK for £2bn to create savings giant
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Standard Life has acquired Aegon UK for £2bn, creating the UK's largest retirement savings and income business with nearly 16 million customers and £480bn in assets. The deal is expected to boost annual profits by £160m and generate £400m in excess cash over five years. Funded through cash, debt, and shares, Aegon will become a strategic shareholder. CEO Andy Briggs stated the acquisition strengthens their financial position and accelerates a shift to a capital-light model.
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