A PYMNTS Company

UK: Watchdog OKs Standard Life-Aberdeen $12 billion merger

 |  June 22, 2017

The Competition and Markets Authority (CMA) has given the merger of Standard Life and Aberdeen Asset Management the green light.

The body has ‘cleared the transaction unconditionally’, Standard Life revealed in a stock market announcement this morning and the deal is expected to complete on 14 August, subject to remaining regulatory approvals.

The move brings the $12 billion US mega-merger a step closer. The deal received shareholder approval earlier this week and will create a global top 25 player, running £670 billion of client assets.

Standard Life CEO Keith Skeoch and Aberdeen boss Martin Gilbert (both pictured) will run the business as joint-CEOs.

The combined group revealed its senior investment management line-up yesterday, with Rod Paris to be chief investments office. Devan Kaloo is set to be global head of equities, with Hugh Young heading Asia, as well as sitting on the asset management executive committee

Full Content: BBC News

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.