7th Sep 2022 21:19
(Alliance News) - A large stake in one-time abrdn PLC unit Parmenion may be sold in a deal which values it a significant premium to what the London listing sold it for last year, Sky News reported on Wednesday.
abrdn sold Parmenion for GBP102 million in March 2021, as part of the asset manager's simplification bid.
Sky News reported Parmenion shareholders are mulling selling a "significant" stake in a deal which values the investment manager at up to GBP400 million, so roughly four times what abrdn sold it for.
It would be a slight ignominy for abrdn, made worse by the fact that AssetCo holds about a 30% stake in Parmenion, Sky News noted. AssetCo is chaired by Martin Gilbert, a former chief executive of abrdn, back when it was named Standard Life Aberdeen PLC.
https://news.sky.com/story/parmenion-owners-prepare-400m-sale-in-fresh-blow-to-abrdn-12692238
abrdn was last month booted out of the FTSE 100, in a series of index changes which take effect on Monday.
Last year, it agreed to sell the 'Standard Life' brand to Phoenix Group Holdings PLC. abrdn's rebrand was completed in July of last year.
It has not been an easy year for the firm since then. Earlier this month, it reported a swing to interim loss and lowered its outlook, amid market volatility.
The Edinburgh-based company booked a GBP320 million loss in the six months to June 30 versus a GBP113 million profit achieved a year prior. abrdn also scaled back its outlook.
"Current market uncertainty means our ambitions for revenue growth and improved cost/income ratio are likely to take longer than originally expected," it explained.
abrdn shares closed 0.7% higher at 152.80 pence each in London on Wednesday.
By Eric Cunha; [email protected]
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