Shore Capital is acting for Chesnara plc (“Chesnara”) as sole sponsor, joint global co-ordinator and joint bookrunner in relation to the €160m acquisition of Legal & General Nederland and a £70m Firm Placing and Placing and Open Offer to be part of the acquisition.

Legal & General Nederland is a Dutch life and pension insurer and a wholly owned subsidiary of Legal & General Group plc.

The acquisition provides a strong fit with Chesnara’s strategy of acquiring life and pension businesses in its chosen markets and increases Chesnara’s scale in the Netherlands and provides a complementary platform to the Waard Group, Chesnara’s existing local operations.

The consideration of €160 million represents a 33% discount to Economic Value and will enhance Chesnara’s long-term cash generation, supporting its dividend strategy.