Partnership to merge with Just Retirement

Just Retirement shareholders will own approximately 60% of the combined group, with Partnership Assurance shareholders owning the other 40%. Under the terms of the merger, Partnership shareholders will be entitled to receive 0.834 new Just Retirement shares for each Partnership share held. The deal values Just Retirement shares at 199p, Partnership shares at 166p, and values the entire issued and to be issued ordinary share capital of Partnership at approximately £668.5m. The boards of Just Retirement and Partnership have agreed a unified management team of the combined group under...