Standard Life Aberdeen (SLA) has completed the sale of Standard Life Assurance to Phoenix Group, with both providers agreeing to "expand significantly their existing long-term strategic partnership".
The deal, which was announced earlier this year, includes a cash consideration of £2.28bn and a shareholding for SLA of approximately 19.98% in the Enlarged Phoenix Group.
As part of the deal, Standard Life Aberdeen and Phoenix have also agreed to expand significantly their existing long-term strategic partnership, the groups said.
According to the BBC, about 3,500 employees of SLA have now moved to Phoenix, of whom the majority - 2,900 - are based in Edinburgh.
SLA also confirmed its intention, subject to regulatory permissions, to return up to £1.75bn in aggregate to shareholders.
A share buyback of £175m has already started and £1bn is intended to be returned to shareholders through a B share scheme (accompanied by a share consolidation). This would be followed by a further share buyback of up to £575m.
The exact timings for the B share scheme and the consolidation have not yet been announced.
Commenting on the completion of the deal with Phoenix, Sir 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."
Purchased for undisclosed sum
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