Deals
Aegon Agrees to Buy BlackRock's U.K. Workplace Pension Division
- Creates unit with 30 billion pounds of assets under management
- Dutch insurer predicts that market will triple in 10 years
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Aegon NV agreed to buy BlackRock Inc.’s U.K. defined-contribution pension business to bolster its position in the country’s workplace-savings market.
The deal will transfer 12 billion pounds ($17.6 billion) of assets under management and 350,000 customers to the Hague-based company, Aegon said in a statement on Tuesday. BlackRock’s Paul Bucksey will become managing director of the pension and administration unit. The terms of the transaction, due to be completed in the second quarter of 2017, weren’t disclosed.