Athora has received approval from the Prudential Regulation Authority for its acquisition of Pension Insurance Corporation Group Limited, including its wholly owned subsidiary, Pension Insurance Corporation, an insurer of defined benefit pension schemes.
Athora has raised €3.5bn of new common equity, from a range of long-term investors, to support the transaction and their growth ambitions for PIC.
“We are delighted that Athora has received regulatory approval for this transaction. We look forward to joining the Group in the coming weeks,” said Dom Veney, PIC’s Interim CEO.
The transaction is expected to close on or around 27th March 2026, when control and ownership will pass to Athora from PICG’s current shareholders, Reinet Fund S.C.A., F.I.S. (‘Reinet’) which holds 49.5% of the issued shares; a wholly owned subsidiary of ADIA, with 18.4% of the issued shares; funds managed by CVC Capital Partners (‘CVC’), with 17.4%; and funds managed by HPS Investment Partners with 10.2%; as well as employees and other shareholders, who hold the balance of the issued shares.
Upon completion, Athora will have assets under management and administration of over €130bn, backing the pensions of more than three million savers and retirees across Europe. PIC will represent approximately 45% of Athora’s total AuMA.