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FSA approves Resolution acquisition

The FSA has approved the £5bn acquisition of Resolution Life by Pearl Assurance.

The acquisition is expected to be completed by 1 May, according to Resolution.

The deal was delayed when Pearl submitted its revised change of control application to the FSA in March, following the recent market volatility.

The 720p per Resolution share deal was originally due to be completed in February but has suffered several delays to allow further discussions with the FSA.

Royal London is set to pay more than £1.2bn for most of Resolution’s businesses still writing new policies.

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