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Transactions - JUNE 20, 2017

Aberdeen, Standard Life shareholders approve merger

by Andrea Waitrovich

Shareholders have approved the £11 billion ($13.9 billion) merger of Standard Life and Aberdeen Asset Management.

The enlarged company will be called Standard Life Aberdeen. Keith Skeoch and Martin Gilbert will head up the organization.

The merger was approved by more than 98 percent of Standard Life’s shareholders and 95 percent of Aberdeen’s, according to results released on Monday. The transaction is now expected to close on Aug. 14, pending various regulatory approvals. Once merged, the new entity will become Europe’s second-largest money manager with £670 billion ($845 billion) in assets under management.

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