Standard Life Healthcare sold to Discovery for £138m

Following completion and a transitional period the intention is to re-brand Standard Life Healthcare under the PruHealth brand. The transaction is subject to approval by the FSA and the South African Reserve Bank and is expected to complete by 31 July 2010. Standard Life's announcement to the stock exchange said its strategic focus is on the long-term savings and investments market and as a result the manufacturing of private medical insurance ("PMI") is not core to its UK strategy. The net cash proceeds from the sale will be used for general corporate purposes including the accel...