31st Aug 2018 18:18
LONDON (Alliance News) - FTSE 250-listed Phoenix Group Holdings late Friday said it completed an acquisition of Standard Life Assurance Ltd from Standard Life Aberdeen PLC.
The insurance company said it also appointed Barry O'Dwyer and Campbell Fleming - both nominated by Standard Life Aberdeen - as non-executive directors.
The acquisition was first announced in February and is worth GBP1.97 billion. Phoenix said it issued 144.1 million shares to Standard Life Aberdeen as part consideration for the acquisition.
"This deal will result in Phoenix becoming Europe's largest consolidator of heritage life funds, and the ongoing Strategic Partnership with Standard Life Aberdeen will provide additional growth opportunities," said Phoenix chief Executive Clive Bannister.
"My very best wishes for the future to all our employees and customers who are transferring to Phoenix," added Standard Life Aberdeen Chairman Gerry Grimstone.
In addition, FTSE 100-listed investment company Standard Life Aberdeen confirmed its intention to return up to GBP1.75 billion to its shareholders.
The trust said A share buyback of GBP175 million has already began and GBP1.0 billion is intended to be returned to shareholders by way of a B share scheme. This would be followed by a further share buyback of up to GBP575 million, Standard Life Aberdeen added.
Shares in Phoenix closed up 0.5% at 710.00 pence each on Friday, while Standard Live Aberdeen shares closed 0.3% lower at 316.90p.
Related Shares:
SLA.LPhoenix Group Holdings