Shareholders back sale of insurance business

Published: 27 June 2018

Standard Life Aberdeen shareholders have overwhelmingly backed the £2bn sale of its insurance business to Phoenix.

At its general meeting today 99.26 per cent of voters backed the deal which will see Phoenix acquire Standard Life Assurance Limited (SLAL), the company’s insurance arm.

It is an excellent result and demonstrates our shareholders' overwhelming support for our ambition to become one of the world's leading investment companies...

Sir Gerry Grimstone, Chairman , Standard Life Aberdeen

 

Phoenix has agreed to pay Standard Life Aberdeen £1.971bn upon completion of the deal which excludes a dividend of £312m paid by SLAL to Standard Life Aberdeen prior to completion.

Shareholders also voted by more than 99 per cent of voters to back a £1bn capital return via a B share scheme, in which new B shares will be granted which can then be redeemed for cash. They also backed a capital return of up to £750m by way of share buyback through on-market purchases...

Full story via City AM News

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