Standard Life Aberdeen (SLA) has agreed a deal with Phoenix that gives it the opportunity to advise up to 10 million of the group's customers through its advice arm 1825.
The agreement is part of a wider deal between Standard Life Aberdeen and Phoenix that will see the latter pay £2.28bn and 19.99% of its shares - £3.2bn in total - in exchange of SLA's UK and European insurance business. SLA said £1.75bn will be paid to its shareholders in the deal - £1bn by way of a B Share Scheme and share capital consolidation and up to £750m through a share buyback programme. SLA will also have right of first refusal for investment management mandates on any new assets Phoenix acquires in the future and the potential to manage more of its existing investment mandat...
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