Deals
Standard Life to Buy Aberdeen in $4.7 Billion Stock Deal
- Aberdeen’s largest shareholder will support the all-share deal
- Aberdeen CEO said there’s no pressure to do a transaction
Standard Life to Purchase Aberdeen in $4.7 Billion Deal
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Standard Life Plc, Scotland’s largest insurer, agreed to acquire Aberdeen Asset Management Plc for about 3.8 billion pounds ($4.7 billion), a deal that would create the U.K.’s largest active manager. The stocks soared in London trading.
Under the terms, Standard Life shareholders will own 66.7 percent of the combined group, according to a joint statement on Monday. Aberdeen’s investors will receive 0.757 new Standard Life ordinary share for each share they already own. That values Aberdeen in line with its market value before the talks were disclosed March 4.