UK-based financial group Standard Life has agreed to purchase the entire UK insurance business of Dutch insurer Aegon for £2 billion. The all-cash-and-shares deal is subject to regulatory approval and is expected to be completed by the end of 2026.

The consideration comprises £750 million in cash and a 15.3% equity stake in Standard Life. Upon deal closure, Aegon will become Standard Life’s largest shareholder with a board seat.