Aegon Completes Purchase J.C. Penney’s Direct Marketing Business Purchase

Aegon N.V., The Hague, Netherlands, has completed its previously announced purchase of J.C. Penney’s Direct Marketing Services division. The sale includes the J. C. Penney Life Insurance subsidiaries.

The transaction, which was announced March 8 of this year, carried a purchase price of $1.3 billion. Aegon paid cash, which it raise through a stock offering May 30, for the purchase.

The purchase agreement also calls for a 15-year strategic agreement between the two companies, under which JCPenney customers will be offered a range of financial and membership services products.