Aberdeen Asset Management has completed the final part of the Scottish Widows Investment Partnership (Swip) deal, with its buy of Swip's Infrastructure fund arm.
Aberdeen, led by Martin Gilbert (pictured) has now completed the acquisition of Swip's private equity and infrastructure fund management businesses from Lloyds, announced on 18 November 2013.
The final deferred top-up payment to Lloyds has been reduced from £39.4 million to £38.3 million to reflect the completion of the Infrastructure acquisition. This will be payable to Lloyds at the end of a 12-month period following completion. Aberdeen is entitled to make this payment either in cash or by the issue of additional new ordinary shares to Lloyds. The total consideration for the aquisition, including the deferred top-up payment is approximately £550 million.
Application has been made to The UK Listing Authority and the London Stock Exchange (LSE) for a listing of just under 6 million ordinary shares of 10p as consideration for the Infrastructure fund management business acquisition, to trade on the LSE.