SLA completes £3.28bn sale of Standard Life Assurance to Phoenix Group

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...