28th Oct 2015 15:18
LONDON (Alliance News) - The UK Competition and Markets Authority Wednesday cleared Just Retirement Group PLC's all-share merger with Partnership Assurance Group PLC to create JRP Group PLC following a phase I investigation.
Just Retirement and Partnership Assurance welcomed the CMA's decision, and said they expect the merger to become effective in late December, subject to remaining approvals. The deal is still pending approval by the Prudential Regulation Authority and Financial Conduct Authority,
FTSE 250-listed Just Retirement agreed a GBP1.66 billion merger deal with Partnership Assurance in August.
Shareholder meetings to approve the merger are expected to take place in late November.
Shares in Just Retirement were up 2.8% at 166.60 pence Wednesday, whilst shares in Partnership Assurance were up 1.5% at 136.75 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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