Aberdeen seals £550m Swip acquisition

Aberdeen has completed the purchase of Scottish Widows Investment Partnership’s (Swip) infrastructure business, the final step in its £550m acquisition of Swip from Lloyds Banking Group.

The deal was completed last night and creates the UK’s biggest asset manager by funds under management, overtaking Invesco Perpetual and M&G.

In an announcement to the stock exchange this morning, Aberdeen said it had applied to list roughly 6m shares “as consideration” for the final part of the acquisition. The group will also pay Lloyds £38.3m in April 2015 as deferred payment for the infrastructure business.