On May 3, 2016, Aegon announced that it will acquire BlackRock’s UK defined contribution pension business.
Aegon has agreed to acquire BlackRock UK’s defined contribution pension business, which has approximately £12 billion of assets and 350,000 customers. The acquisition will increase Aegon’s assets under management to around £30 billion.
BlackRock’s Paul Bucksey will become the Managing Director of the resulting business. BlackRock will continue to serve the defined contribution market in the UK for the investments that it currently manages.
The transaction is subject to customary closing conditions, and the Part VII transfer of assets and liabilities to Aegon is subject to regulatory and judicial approval.