Aberdeen Asset Management has completed the acquisition of Scottish Widows Investment Partnership Group (SWIP) and SWIP’s related private equity fund management business from Lloyds Banking Group, following the receipt of all relevant regulatory approvals.
The deal was first announced on 18 November 2013.
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Aberdeen said that the purchase of SWIP’s infrastructure fund management business is expected to complete within the next few weeks.
In addition, Aberdeen also has entered into a long-term strategic relationship with Lloyds. This strategic relationship will operate across Lloyds’ wealth, insurance, commercial banking and retail businesses.
At the end of the 12 month period following completion, a deferred top-up payment of £39.4 million will be payable to Lloyds in accordance with the sale and purchase agreement.
The total consideration for the acquisition including the shares still to be issued on completion of the infrastructure element and the deferred top-up payment, will be approximately £550 million.
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By GlobalDataAs at 28 February 2014, SWIP and its related private equity and infrastructure businesses had total assets under management (AuM) of £138.0 billion.
The enlarged Aberdeen Group will have pro-forma AuM, following completion of the infrastructure element of the transaction, of £324.5 billion.
