Standard Life agrees to buy Aberdeen in £3.8b stock deal

London

STANDARD Life Plc, Scotland's largest insurer, agreed to acquire Aberdeen Asset Management Plc for about £3.8 billion (S$6.58 billion), creating one of Europe's biggest fund managers.

Under the terms, which remain the same since talks were first revealed on March 4, Standard Life shareholders will own 66.7 per cent of the combined group, according to a joint statement on Monday.