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Just Retirement and Partnership get approval for merger

Just Retirement and Partnership get approval for merger

The Competition and Markets Authority has unconditionally cleared the recommended all-share merger of Just Retirement and Partnership Assurance to create JRP Group.

The boards of both companies are expected to post the relevant documents to their respective shareholders on or around 5 November, with Just Retirement convening its general meeting to approve the merger on 23 November and Partnership convening its court meeting and general meeting to approve the deal on 26 November.

It will therefore become effective around late December, subject to satisfaction or waiver of the outstanding conditions, including approval by the Prudential Regulation Authority and the Financial Conduct Authority.

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The two firm’s respective boards announced they had reached agreement on the terms of a recommended all-share merger on 11 August.

At the end of September, the annuity specialists raised £150m through two share placings to help meet the costs of the £1.6bn merger.

Partnership stated it would issue around just under 40m new ordinary shares of 10 pence each representing almost 10 per cent of the company’s ordinary share capital, while Just Retirement left the size and pricing of its placing and open offer to be determined following an accelerated bookbuilding process.

peter.walker@ft.com