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Lloyds sells remaining stake in Standard Life Aberdeen for £344M

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Lloyds sells remaining stake in Standard Life Aberdeen for £344M

Lloyds Banking Group PLC sold its remaining 3.3% stake in Standard Life Aberdeen PLC for 352.5 pence per share, raising aggregate gross sale proceeds of £344 million.

The bank sold about 98 million shares in the insurer through an accelerated bookbuild. The transaction settlement is expected to take place June 12.

Lloyds said the sale would have no impact on its income statement as it has already been accounted for at fair value through other comprehensive income.

Bank of America Merrill Lynch acted as sole book runner on the transaction.

The companies terminated their contract after a proposed merge of their life insurance operations fell through in December 2017.