Staff
Aberdeen Asset Management has signed a deal to acquire Scottish Widows Investment Partnership from Lloyds Banking Group for about £660 million ($1.1 billion).
As part of the transaction, Lloyds will enter into a long-term strategic asset management relationship whereby Aberdeen will manage assets on its behalf.
Lloyds will receive a 9.9% stake in Aberdeen worth £560 million and up to £100 million in cash over a five-year period, depending on the growth in business generated from the strategic relationship.
The sale does not include Scottish Widows, Lloyds’ life, pensions and investment business.
The acquisition, which is subject to regulatory approval, is expected to be completed by the end of the first quarter of 2014.