£62m offer for Suffolk Life
FINANCIAL industry giant Legal & General today announced it has agreed to pay £62million for Ipswich personal pension success story Suffolk Life.Suffolk Life, based in Princes Street, will retain its brand and base in Ipswich, the company said today.
FINANCIAL industry giant Legal & General today announced it has agreed to pay £62million for Ipswich personal pension success story Suffolk Life.
Suffolk Life, based in Princes Street, will retain its brand and base in Ipswich, the company said today.
Legal & General Retail Investments has agreed to pay £15.75p for each Suffolk Life Group share, equating to the cash offer of £62m.
The sale comes after a rapid rise for the Ipswich firm, which has grown to have a large workforce based in the town.
Established in 1971, Suffolk Life specialises in Self Invested Personal Pensions (SIPPs). Its two chief subsidiaries, Suffolk Life Annuities and Suffolk Life Pensions, are responsible for gross pension fund assets of more than £2.5billion.
Tim Breedon, Legal & General Group's chief executive, said: “Suffolk Life is an outstanding business which has developed a leading position in the fast growing bespoke SIPP market.”
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Henry Catchpole, Suffolk Life's chief executive officer, said: “Our strategic review has confirmed that, whilst the development of the pensions landscape presented Suffolk Life with attractive opportunities to grow profitably, Suffolk Life's development could be accelerated through being part of a larger group which offered clear distribution synergies.
“We are therefore delighted to recommend the offer from LGRI which the Board, in conjunction with our advisers Fenchurch Advisory Partners, has concluded is in the best interests of our clients, employees and shareholders.”