Legal & General completes acquisition of Lucida.
05 August 2013
Further to the announcement made on 26 June 2013, Legal & General Group Plc is pleased to announce that the acquisition of the entire issued share capital of Lucida Limited (formerly Lucida Plc), by the Group’s subsidiary Legal & General Assurance Society has completed. The final consideration was £149.4m.
Lucida Limited is a closed UK annuity buy-out company with a portfolio of £1.4bn of annuity assets and is currently responsible for 31,000 pensions in payment. No employees or property will be transferred as part of the acquisition.
Kerrigan Procter, Managing Director of Annuities at Legal &General commented: "We are delighted to have completed the acquisition of Lucida so swiftly. 31,000 pensioners can feel that they are in safe hands with Legal & General. Our expertise in transitioning large asset portfolios will enable us to integrate the Lucida assets efficiently and ensure that those assets we retain as part of the deal are a natural fit for our annuity fund investment strategy."
Notes to editors
This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.
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