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Standard Life and Aberdeen shareholders back 11 billion pound deal
June 19, 2017 / 11:24 PM / 6 months ago

Standard Life and Aberdeen shareholders back 11 billion pound deal

LONDON (Reuters) - Standard Life’s SL.L 11 billion pound deal to buy Aberdeen Asset Management ADN.L was approved by both companies’ shareholders at meetings on Monday.

A worker leaves the Standard Life House in Edinburgh, Scotland February 27, 2014. REUTERS/Russell Cheyne

The deal announced in March is due to complete in mid-August and will create Britain’s biggest listed asset manager and one of the world’s top 25 active fund management companies.

More than 95 percent of shareholders at both companies voted for the merger, comfortably passing the minimum support needed.

Aberdeen Chairman Simon Troughton said that investors’ “overwhelming” support reflected the strategic and financial rationale for the deal.

“The strengths of the combined businesses ... are strongly aligned to the needs of clients now and in the future,” he said in a statement.

“The new company will have a robust balance sheet and diverse revenue streams, by asset class and distribution channel. This will facilitate investment in the business to support long-term growth and shareholder returns.”

Reporting by Simon Jessop and Carolyn Cohn; Editing by David Goodman

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