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A&O Shearman is advising Aegon, the leading international financial services group, on the sale of its UK business, Aegon UK, to Standard Life in a transaction valued at approximately GBP2bn.
The consideration comprises GBP750 million in cash together with newly issued shares representing approximately 15% of Standard Life's enlarged share capital. Through the equity component, Aegon will retain a meaningful stake in the combined entity, which is set to become the UK's largest retirement savings and income business, serving around 16 million customers. The transaction remains subject to regulatory approvals and is expected to close around the end of 2026.
Aegon is an international financial services holding company with an ambition of becoming a leading U.S. life insurance and retirement group. The sale of Aegon UK represents a significant step in delivering that strategic vision.
Matt Hamilton-Foyn, M&A partner at A&O Shearman, commented: “It has been a privilege to work alongside the fantastic Aegon team on this transaction, which marks the completion of the strategic review of Aegon UK, and a further step towards delivering Aegon’s ambition to become a leading U.S. life insurance and retirement group. The deal terms and structure reflect Aegon’s commitment to creating value for its shareholders, including through its stake in the combined Aegon UK and Standard Life business—which will be the UK’s largest retirement savings and income provider—and Aegon Asset Management, which will be an important partner for the combined business.”
The A&O Shearman team was led by partners Matt Hamilton-Foyn and Kate McInerney, and senior associate Charlotte Rowlandson.
The deal underscores A&O Shearman's market-leading position in insurance M&A and its ability to deliver integrated advice on the most complex and highest-profile transactions in the financial institutions sector. A&O Shearman ranked number 1 legal advisor for insurance sector UK M&A deals in 2025 by value (Mergermarket) and ranked number 1 for financial services M&A in 2025 by value (LSEG).
On this transaction, A&O Shearman fielded a multi-disciplinary team spanning its top-tier M&A, Insurance, Pensions, Tax, DDIT, Employment, Incentives, Asset Management, Regulatory and Real Estate practices.
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