Nov. 18, 2013, 2:45 AM
- Lloyds (LYG) has agreed to sell fund-management unit Scottish Widows Investment Partnership to Aberdeen Asset Management (ABDNF) for up to £660M ($1.06B), with the amount to be paid mainly in stock.
- Lloyds will receive 132M Aberdeen shares, or 9.9% of the company, which is worth £560M. The remaining £100M will be paid in cash over five years, depending on the performance a new partnership between the two firms in which Aberdeen will manage assets for Lloyds.
- The deal does not include Scottish Widows, Lloyds' life, pensions and investment business, "which remains core to the group. (PR)
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