Deals
Standard Life Plans to Return $2.3 Billion to Shareholders
- Company still hasn’t given up on Lloyds Bank mandate: Gilbert
- Sale to insurance group gives company cash to distribute
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Standard Life Aberdeen Plc will return as much as 1.75 billion pounds ($2.3 billion) to shareholders after it completes the sale of its insurance unit to Phoenix Group Holdings.
The asset manager will issue 1 billion pounds of new B shares and buy back about 750 million pounds of stock using capital freed up from the sale of the insurer. The balance of the money from the deal will be used to retire bonds and support investment, the firm said in a statement ahead of its annual general meeting on Tuesday.