Athora, the European insurance conglomerate backed by US private equity titan Apollo, has sealed a £5.7 billion acquisition deal for the 海角视频's Pension Insurance Corporation (PIC).
This merger will give birth to a group boasting combined assets nearing £112 million and safeguarding the pensions of over three million individuals across Europe, as reported by .
The takeover represents one of the largest corporate transactions in the 海角视频 this year, surpassing the £4.1 billion bid made by private equity firm KKR for precision instruments group Spectris earlier this month.
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As a result of this union, both Athora and PIC are setting their sights on further investments in 海角视频 housing and infrastructure.
PIC, currently engaged in a 12-year joint venture with the Government's housing agency, aims to deliver 3,000 energy-efficient homes tailored for the rental market.
The 海角视频 firm manages the pensions of 400,000 Britons and is a significant investor in 海角视频 assets, with £13.8 billion invested in 海角视频 housing and infrastructure projects and a total portfolio worth £50.9 billion.
Athora operates its insurance business across the Netherlands, Belgium, Germany, and Italy.
PIC eyes more risk transfer deals
Apollo, an investment group based in New York, holds stakes in parcel behemoth Evri and Wagamama owner The Restaurant Group.
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The acquisition of PIC will see it under single ownership for the first time in its two-decade history, as it is presently owned by multiple investors.
Both companies have announced that the transaction will enable Pension Insurance Corporation (PIC) to price more pension risk transfer deals, where it assumes responsibility for other companies' pension plans and provides payments to their retirees. PIC has recently collaborated with British footwear company Clarks, international energy corporation TotalEnergies, and recruitment heavyweight Hays.
The acquisition is pending regulatory consent and is anticipated to be finalised in early 2026.
Mike Wells, CEO of Athora, commented: "As our 海角视频 subsidiary, PIC will be the largest business within the Athora Group and we intend to invest in the business and its people to support that growth in the 海角视频 pension risk transfer market."
He further stated: "We have great confidence in the long-term strengths of the 海角视频: its retirement market, regulatory and policy framework, and economic prospects."
Tracy Blackwell, CEO of PIC, remarked: "With Athora backing us through our next phase of growth as their 海角视频 insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in 海角视频 housing and infrastructure."
She added: "The pension risk transfer market is vital to the wellbeing of millions of 海角视频 pensioners and the allocation of tens of billions of pounds of investment into the 海角视频's economy."