Aberdeen Puts Up $1B For Lloyds Asset Management Unit
By Zachary Zagger
Law360, New York (November 18, 2013, 1:33 PM EST) -- Scottish investment company Aberdeen Asset Management PLC it will purchase Scottish Widows Investment Partnership Group Ltd., an investment arm of Lloyds Banking Group PLC, for £650 million ($1 billion) as an introduction to a long-term relationship between the finance companies, it said Monday.
Aberdeen said it will purchase SWIP by issuing 131.8 million new Aberdeen shares valued at £4.20 each to Lloyds for a total value of about £550 million, equivalent to a 9.9 percent stake in the company. Aberdeen said the deal also includes a...