Phoenix Group has completed the acquisition of Standard Life Aberdeen’s Assurance limited.
The final value for the deal has come in at £3.28bn, including £2.28bn in cash and a 20 per cent shareholding in Phoenix Group for SLA.
SLA has has also confirmed plans for returning £1.75bn to its shareholders, £1bn to be returned through a new share scheme and £750m through a share buyback.
SLA chairman Sir Gerry Grimstone says: “This is a momentous day for Standard Life Aberdeen as we continue to build a world-class investment company. Corporate transformations of this scale require clear vision and huge commitment from all those involved.”
He added: “Maintaining continuity of service and enhancing optionality for all our customers and clients has been a key imperative.
Phoenix hits back at ‘simplistic’ exit fees criticismThe firm has reiterated its commitment to advice business 1825 and adviser platforms Wrap, Elevate and Parmenion.