Aberdeen Asset Management has confirmed it is in talks with Lloyds Banking Group about acquiring Scottish Widows Investment Partnership.
Aberdeen Asset Management said the proposed transaction would offer substantial cost efficiencies and synergies to the business, and that it would reinforce its commitment to a progressive dividend policy and to return surplus capital to shareholders over time.
The acquisition, if agreed, would be funded through the issuance of new shares in Aberdeen Asset Management to Lloyds Banking Group and additional deferred payments in cash, conditional on the performance of the partnership over a period of years.
A statement from Aberdeen Asset Management said: “There can be no certainty that the discussions will lead to any transaction or any certainty as to the terms on which any such transaction might proceed. Further statements will be made if and when appropriate.”
