Aegon To Buy BlackRock's UK Contribution Platform & Administration Business

(RTTNews) - Aegon NV (AGN.L, AEG) announced an agreement to acquire BlackRock's UK Defined Contribution platform and administration business.

Aegon will acquire approximately 12 billion pounds or about 15 billion euros of assets and 350,000 customers, creating a 30 billion pounds or about 38 billion euros platform-based workplace savings business.

BlackRock will deepen its relationship with Aegon providing its customers investment management solutions.

Paul Bucksey from BlackRock will be appointed Managing Director of the combined workplace business, which brings together the complementary capabilities of both propositions to offer Defined Contribution (DC) services to schemes of all sizes and types.

The transaction is subject to customary closing conditions and a Part VII transfer of the underlying assets and liabilities to Aegon, which is subject to regulatory and court approval.