Chesnara (CSN): Scottish Widows Europe acquisition

This situation live

CSN Chesnara

£781m · 335.0p · +8% since the first step

17 Feb 2026 · Agreed; completion expected around end 2026 · −11% until the next step Completion of the Acquisition expected around end 2026, subject to customary regulatory approvals.

24 Mar 2026 · Agreed; completion expected around end 2026 · +17% until the next step Expected to complete around the end of 2026.

25 Aug 2026 · Change in Control application submitted; completion around end-2026 · −1% since The regulatory Change in Control application has been submitted and is expected to complete around the end of 2026.

Large acquisition / reverse takeover

Scottish Widows Europe acquisition

Change in Control application submitted; completion around end-2026

Next: Regulatory Change in Control approval and completion

Every step · 3

17 Feb 2026 Agreed; completion expected around end 2026 – Completion of the Acquisition expected around end 2026, subject to customary regulatory approvals. ↗
24 Mar 2026 Agreed; completion expected around end 2026 – Expected to complete around the end of 2026. ↗
25 Aug 2026 Change in Control application submitted; completion around end-2026 – The regulatory Change in Control application has been submitted and is expected to complete around the end of 2026. ↗

What is happening

Chesnara: Scottish Widows Europe acquisition – Change in Control application submitted; completion around end-2026. ['Change in Control application submitted; completion around end-2026']

Announced: 17 Feb 2026 · Agreed; completion expected around end 2026
Latest: 25 Aug 2026 · Change in Control application submitted; completion around end-2026
Why: Adds UK scale, with about £5bn of AUA and £140m of cash generation over the first five years, funded by internal resources and a £140m equity raise.
Value: £247.0m · 32% of market value – total consideration for the HSBC Life (UK) acquisition, now Chesnara Life
Seller: HSBC Life (UK) Limited
The business: Loss-making · Total consideration £247m; adds £5bn AUA; £140m cash generation over first five years
What it changes: Confirms HSBC Life (UK) integration is on track, with solvency above the pro-forma estimate and the interim dividend raised 6%. The Scottish Widows Europe deal timeline is unchanged, and HY26 OCG is flattered by acquisition effects.

What comes next

Regulatory Change in Control approval and completion.

From the company's own announcements. Not investment advice.

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