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The Guardian - UK
The Guardian - UK
Business
Mark Sweney and Kalyeena Makortoff

Aegon offloads 200-year-old UK business to Standard Life for £2bn

People walk along a landing inside the HQ of Standard Life in Edinburgh
Under the terms of the agreement, Standard Life will pay £750m in cash and issue 181.1 million new shares to Aegon. Photograph: Andy Buchanan/AFP/Getty Images

The Dutch financial services group Aegon has struck a £2bn deal to sell off its almost 200-year-old UK arm to Standard Life, as part of a US push in which the group will be rebranded as Transamerica.

Standard Life, previously known as Phoenix Group, said the deal to buy Aegon UK would create a pensions and savings group with 16 million customers and £480bn of assets under administration.

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