Aberdeen Acquires Scottish Widows, Forms Strategic Partnership with Lloyds

November 18, 2013

On November 18, 2013, Aberdeen Asset Management announced that is had entered into a long-term strategic partnership with Lloyds Banking Group and that it will acquire Scottish Widows Investment Partnership Group Limited from Lloyds for approximately £550 million.


On November 18, 2013, Aberdeen Asset Management plc announced that is had entered into an agreement to acquire Scottish Widows Investment Partnership Group (“SWIP”) for approximately £550 million, plus up to £100 million in a performance-related, five-year earn out payment.  Aberdeen will also acquire SWIP’s related private equity and infrastructure fund management businesses; the acquisition includes SWIP’s Investment Solutions division, which serves Lloyds’ wealth clients. 

In connection with the acquisition, Aberdeen will form a long-term strategic partnership with Lloyds Banking Group plc.  The partnership will operate across Lloyds’ Wealth, Insurance, Commercial Bank and Retail businesses.  Aberdeen will finance the acquisition by issuing 131.8 million new Aberdeen shares to Lloyds, giving Lloyds a 9.9% stake in Aberdeen. 

To read the press release, please click here.


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Investment Manager M&A, Investment Manager Strategic Investments, Transactions