LEGAL & GENERAL COMPLETES ACQUISITION OF LUCIDA.
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."
-ENDS-
For further information, please contact:
Investor Relations |
Kate Vennell
Ian Baker |
+44 (0)20 3124 2150 +44 (0)20 3124 2047 |
Media Relations |
John Godfrey Richard King |
+44 (0)20 3124 2090 +44 (0)20 3124 2095 |
Forward looking statements
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