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...
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