As part of the deal Sir Adrian Montague, Rodger Hughes, Ray King and David Rough have resigned from the Friends board, while Clive Cowdery, John Tiner, David Allvey and Sir Malcolm Williamson have all been appointed to the boards of newly-formed Friends Provident Holdings and Friends Provident Group plc.
Sir Mervyn Pedelty will act as chairman of the board of Friends Provident Holdings.
Friends Provident now intends to appoint an independent investment bank to determine what amendments, if any, are required to be made to the alternative coupon satisfaction mechanism under the STICS as a result of the acquisition.
Resolution chairman Mike Biggs says: “We are pleased that our life assurance consolidation project is now underway with the acquisition of Friends Provident. We remain confident that our strategy to create a leading UK life assurance and asset management group with a transparent and sustainable business model is in the best interest of our shareholders.
“We are now focused on overseeing Friends Provident’s current business in the near term and on securing further acquisitions to build the enlarged group.”