Standard Life Aberdeen has completed the £3bn sale of Standard Life Assurance to Phoenix Group.
According to the BBC, 3,500 employees of Standard Life Aberdeen have moved to Phoenix Group, with 2,900-based in Edinburgh, the Group said it is committed to maintaining the HQ in Scotland.
The deal was first announced in June when 99.26 per cent of Standard Life Aberdeen shareholders voted in favour of the acquisition, after the intention to sell was announced February 2018.
Standard Life Aberdeen chairman, Sir Gerry Grimstone, 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.
Continuity of service and “enhancing optionality” for its customers was a “key imperative” according to Grimstone.
According to the group, it will return £1.75bn in aggregate to shareholders, comprised of a £175m share buyback, an additional planned buyback of £575m, while a further £1bn will be returned through a B share buyback scheme.
Phoenix CEO, Clive Bannister, said: "I am delighted that we have completed the acquisition of Standard Life Assurance and I would like to extend a warm welcome to our new colleagues joining Phoenix.
“This deal will result in Phoenix becoming Europe's largest consolidator of heritage life funds, and the ongoing Strategic Partnership with Standard Life Aberdeen plc will provide additional growth opportunities. This strategically and financially compelling transaction supports our vision to be Europe's Leading Life Consolidator."