Story highlights Colombia's government has reached a new peace deal with FARC rebels

The move comes after previous deal was defeated by voters in October

(CNN) Colombia's government and the FARC rebel group signed a revised peace accord Saturday after years of negotiations and a half a century of conflict.

Colombian President Juan Manuel Santos announced the new deal in a TV address Saturday evening, saying it will build a "broader, deeper peace."

A peace deal negotiated earlier this year with FARC rebels was unexpectedly defeated by Colombian voters in October. Many were angered by what they saw as insufficient punishment for those who perpetrated a litany of crimes against their people.

Negotiations for a peace deal continued after the defeat with rebels and those opposed to the original agreement.

Among the new stipulations are reparations for victims which will come from FARC's assets and money, Santos said.

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