Standard Life to Buy Aegon UK in £2 Billion Pensions Push

Standard Life Plc agreed to buy the UK arm of Dutch insurer Aegon Ltd. for £2 billion ($2.7 billion) as the savings firm looks to grab a bigger slice of Britain’s pensions market.

London-listed Standard Life will be paying £750 million in cash, financed through £650 million in new debt and cash resources, it said in a statement Wednesday. The company will also issue 181.1 million in new shares to Aegon at deal completion which is expected at the end of the year.