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Aberdeen Asset Management has completed the acquisition of Scottish Widows Investment Partnership (SWIP) last week by acquiring the infrastructure management business and paying £550 million for the business.
The acquisition of the SWIP infrastructure fund management business means the buyout of SWIP from Lloyds Banking Group is now complete.
A final deferred payment to Lloyds has also been reduced from £39.4 million to £38.3 million and will be made at the end of the 12-month period. The total consideration for the acquisition is £550 million, instead of the £660 million initially estimated.
The deal was approved by the regulator back in March following successful talks in November 2013.
At the time, Aberdeen chief executive Martin Gilbert said:
"The combined businesses will have a far more stronger and more diverse range of investment management skills as well as significant scale across asset classes and geographies which will enable us deliver an even better service for our enlarged client base."
The acquired business will add around 136 billion pounds of assets under management with annualized revenues of 234 million pounds to the group.
The sale did not include Scottish Widows, the group's life, pensions and investment business, which Lloyds said was "core" to the group.