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

Expanding strategic partnership

clock • 1 min read

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...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Industry

Mansion House speech: What does it mean for the investment and pension landscape?

Mansion House speech: What does it mean for the investment and pension landscape?

Focus on private markets opportunities

Cristian Angeloni
clock 21 November 2024 • 1 min read
PwC: Asset managers look to AI M&A to bolster growth

PwC: Asset managers look to AI M&A to bolster growth

Global AUM forecast to hit $171trn by 2028

Cristian Angeloni
clock 19 November 2024 • 2 min read
FCA's Nikhil Rathi registers interest for top civil service job - reports

FCA's Nikhil Rathi registers interest for top civil service job - reports

FCA term to end next year

Linus Uhlig
clock 19 November 2024 • 2 min read
Trustpilot