WTW in discussions to purchase Cushon from NatWest

WTW -0.07%

Willis Towers Watson (WTW) is in discussions regarding the possible purchase of Cushon, the workplace retirement schemes platform currently owned by NatWest Group, reported Sky News.

The acquisition talks have progressed following an auction process that attracted interest from several companies in the sector, the report said.

The financial terms of the potential transaction remain unclear at this stage.

The latest data from NatWest indicates that Cushon holds approximately £3.7bn (£4.89bn) in managed assets.

If an agreement is reached, Cushon could be valued at more than £150m, reported Reuters, citing sources.

However, sources noted that there is still a chance that no agreement will be finalised.

NatWest became the majority owner of Cushon in June 2023 after acquiring a controlling interest for £144m.

At that time, Cushon's management retained a 15% stake in the company.

Cushon delivers workplace pension and savings solutions for over 650,000 members affiliated with more than 21,000 employers.

According to Sky News, any divestment would reflect NatWest chief Paul Thwaite’s aim to focus the group’s attention on key objectives following the completion of its transition out of taxpayer ownership earlier this year.

Among these objectives are simplifying operations across the bank and more active balance sheet and risk management.

Cushon’s product range includes workplace pension plans and various Individual Savings Accounts (ISAs) such as Junior ISAs, Lifetime ISAs and General Investment Accounts.

When asked about the ongoing talks, a spokesperson from NatWest was quoted by Reuters as saying: "Our focus remains on delivering for our customers.”

WTW has not provided any comment regarding the negotiations, reported the news agency.

"WTW in discussions to purchase Cushon from NatWest" was originally created and published by Life Insurance International, a GlobalData owned brand.

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