Standard Life and Aberdeen to create £660b business

Two U.K. financial firms, Standard Life and Aberdeen Asset Management have plans to merge in a deal that would create a combined company with £660 billion ($809 billion) of assets under management.

In the transaction, Aberdeen investors would exchange their holdings for shares in Standard Life, valuing Aberdeen at £3.8 billion ($4.7 billion). Standard Life shareholders will own 66.7 percent of the combined group.

The new firm will be co-led by  Martin Gilbert, CEO of Aberdeen, and Keith Skeoch, CEO of Standard Life,.

The deal follows the merger between Janus Capital Group and the Henderson Group, which occurred in October, creating a company with about $320 billion of assets under management.