Standard Life has taken what is understood to be a twenty per cent stake in the Tenet Group, as first reported in this week’s Money Marketing.
The deal is thought to value Tenet at 86m and is Standard’s first investment in distribution. Tenet is the largest independently owned distributor in the UK.
Norwich Union, Friends Provident and Aegon UK, existing shareholders in Tenet, have also made significant additional investments as part of the deal.
The four companies will now hold similar levels of equity, the remainder being held by management, staff and members.
The deal is the first where a firm will have product provider shareholders with more than 10 per cent of shares, following the FSA’s dropping of the ‘better than best’ rule at depolarisation.