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Permira To Acquire Just Retirement

Just Retirement has agreed to pay about £2.3 million to Permira

Permira Advisers is planning to acquire UK life insurer, Just Retirement for about £225 million ($371 million), reported Bloomberg.

Just Retirement has been in takeover talks with several parties since November, and the bid is the first formal offer for the insurer. Just Retirement has agreed to pay about £2.3 million to Permira, if the private equity firm submits an offer by August 20.

Langholm Capital Partners LP and Langholm Capital LLP Investment plan to accept an offer of 76 pence a share or more, the Reigate, UK-based company said. The pair own about 52.3% of Just Retirement.

Permira hired former L.E.K. Consulting executive, James Fraser in November to start a team dedicated to investing in the industry.