Standard Life Aberdeen to sell insurance business to Phoenix Group

Cornelia Mascio
Febbraio 23, 2018

Britain'sPhoenix Group Holdings is in talks to buy Standard Life Aberdeen's insurance business for about 3 billion pounds ($4.2 billion), a source with direct knowledge of the matter said on Thursday.

An announcement about his exit is expected to be made alongside the company's full-year results on Friday, according to a City source. Last week Lloyds Banking Group pulled £109bn managed on its behalf by the company having decided that the investment and insurance giant is now a "material competitor".

The sale comes just days after Standard Life Aberdeen, which was borne out of the merger between Standard Life and Aberdeen in 2017, lost its biggest client.

Assuming the deal with Phoenix is completed, it would complete Standard Life Aberdeen's transformation under Sir Gerry from a life assurer into one of Europe's largest pure-play asset managers.

FTSE 250 firm Phoenix will pay £2.28bn of cash and issue Standard Life Aberdeen with a 19.99 per cent shareholding.

SLA has a 109 billion-pound asset management deal with Lloyds and the merger of Aberdeen and Standard Life triggered the right for the bank to review the agreement.

Sir Gerry, who was knighted in the Queen's birthday honours in 2014, is also a non-executive director at consultants Deloitte and is the lead non-executive at the Ministry of Defence.

He had chaired Standard Life since 2007, and is also deputy chairman of Barclays, where he is expected to be a frontrunner to replace chairman John McFarlane in the next couple of years.

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