Standard Life will pay £390 million for Ignis including regulatory capital. The consideration will be settled in cash from Standard Life group’s existing internal resources.
The transaction is expected to be completed on or before 30 June 2014.
According to the Sunday Times Canadian bank RBC and Australian investment firm Macquarie were also interested in a deal for Ignis which manages around £67.7 billion and has been touted for a sale as Phoenix comes under pressure from investors to reduce its £2 billion of debt.
Source: Citywire. Read full article here.