SLA completes £3.28bn sale of Standard Life Assurance to Phoenix Group

Expanding strategic partnership

Standard Life Aberdeen (SLA) has completed the sale of Standard Life Assurance to Phoenix Group, with both providers agreeing to "expand significantly their existing long-term strategic partnership".

The deal, which was announced earlier this year, includes a cash consideration of £2.28bn and a shareholding for SLA of approximately 19.98% in the Enlarged Phoenix Group. As part of the deal, Standard Life Aberdeen and Phoenix have also agreed to expand significantly their existing long-term strategic partnership, the groups said. According to the BBC, about 3,500 employees of SLA have now moved to Phoenix, of whom the majority - 2,900 - are based in Edinburgh. SLA also confirmed its intention, subject to regulatory permissions, to return up to £1.75bn in aggregate to shareholders...