Watchdog clears Standard Life's £11bn Aberdeen Asset deal

The UK competition watchdog has given the green light to the £11 billion merger of Standard Life and Aberdeen Asset Management (AAM).
The merged company will be headed by AAM boss Martin Gilbert, left, and Standard Life chief Keith Skeoch. Picture: Graham FlackThe merged company will be headed by AAM boss Martin Gilbert, left, and Standard Life chief Keith Skeoch. Picture: Graham Flack
The merged company will be headed by AAM boss Martin Gilbert, left, and Standard Life chief Keith Skeoch. Picture: Graham Flack

The Competition & Markets Authority (CMA) said today that it has decided not to refer the merger to an in-depth “phase 2 investigation”, paving the way for the deal’s completion in August.

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On Monday, shareholders overwhelmingly backed the tie-up, with more than 95 per cent of investors at AAM and 98 per cent at Edinburgh-based Standard Life voting in favour of the deal during general meetings.

The enlarged company, to be called Standard Life Aberdeen, will be jointly headed up by Standard Life chief Keith Skeoch and AAM boss Martin Gilbert.

The merger will create Europe’s second-biggest fund manager, with £670bn under management.

The deal, announced in March, is targeting cost savings of £200 million a year, with around 800 jobs expected to be lost over a three-year period from a global workforce of 9,000.

In a joint statement, Standard Life and AAM said: “The transaction is currently expected to complete on 14 August 2017, subject to remaining regulatory approvals.”

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