Legal & General to acquire Suffolk Life

Legal & General Retail Investments Holdings (LGRI) has placed a cash offer to acquire Suffolk Life Group.

The offer is £15.75 in cash for each Suffolk Life share, valuing the entire share capital of Suffolk Life at approximately £62 million.

Suffolk Life’s directors, who have been advised by the Fenchurch Advisory Partners, intend to unanimously recommend that Suffolk Life Partners accept the offer.

Tim Breedon, group executive of Legal & General, said: “Combining Suffolk Life’s product expertise and service delivery with Legal & General’s extensive distribution reach will transform Suffolk Life’s growth potential and create an outstanding business within Legal & General.

“Pensions and the mass affluent market are areas we have targeted for development. Suffolk Life enables us to accelerate our growth in these key expanding markets.”