Phoenix Group completes £3.28bn Standard Life Aberdeen acquisition
Phoenix Group has completed its purchase of Standard Life Assurance in a £3.28bn deal.
"Corporate transformations of this scale require clear vision and huge commitment from all those involved."
The deal sees around 3,500 Standard Life Aberdeen staff moving to Phoenix and Standard Life Aberdeen will take a near 20% stake in Phoenix.
Gerry Grimstone, chairman of Standard Life Aberdeen, said: “This is a momentous day for Standard Life Aberdeen as we continue to build a world-class investment company. Corporate transformations of this scale require clear vision and huge commitment from all those involved.
"Maintaining continuity of service and enhancing optionality for all our customers and clients has been a key imperative. My very best wishes for the future to all our employees and customers who are transferring to Phoenix."
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