Permira’s acquisition arm Avalon Acquisitions will pay 76 pence per share for the enhanced annuity and equity release provider and also inject £25m into the business after the takeover through a capital increase.
Just Retirement first revealed it had received bid approaches in November last year and said earlier this year that it was working towards a deal with Permira.
Chairman Tom Cross Brown says: “Avalon’s proposal represents the culmination of a long process. The proposal offers shareholders the opportunity either to sell their shares for cash or to retain an economic interest in Just Retirement if they wish to do so.
“Avalon’s commitment to inject £25m of capital into the company post-completion demonstrates its willingness to support Just Retirement in its future growth. Therefore, the independent committee is pleased to recommend Avalon’s proposal.”