Standard Life Aberdeen plc (LSE:SLA) had entered into a new agreement to acquire SLAL UK investment and platform-related products of Phoenix Group Holdings plc on February 23, 2021. As part of transaction, Phoenix will receive cash consideration of £115 million for SLAL UK investment and platform-related products, and will acquire ownership of the Standard Life brand .Majority of cash consideration for the overall transaction has already been received. SLAL UK investment and platform-related products, comprising Wrap Self Invested Personal Pension (“Wrap SIPP”), Onshore Bond and UK Trustee Investment Plan (“TIP”).

The relevant marketing, distribution and data team members will transfer from Standard Life Aberdeen plc to Phoenix Group Holdings plc ensuring that Phoenix has full discretion over marketing and communications. The transaction is expected to complete in late 2022. Rushad Abadan, Fiona McGowan, Alison Rennie, Nick Pacheco, Roland Turnill, Thomas Peacock, Nick Bonsall, David Ives, Ed Milliner and Ewan Brown of Slaughter and May acted as legal advisors to Standard Life Aberdeen plc.