November 17, 2013 / 8:21 PM / 4 years ago

Aberdeen to Buy Scottish Widows Investment Partnership-source

2 Min Read

Nov 17 (Reuters) - Aberdeen Asset Management is set to buy Scottish Widows Investment Partnership (SWIP) from Britain's Lloyds Banking Group in a 500 million pound ($804.53 million) deal, a source familiar with the matter told Reuters.

The source said the deal, which is mainly in stock, would be announced on Monday.

Aberdeen did not respond to a request for a comment. A spokeswoman for Scottish Widows declined to comment.

Aberdeen is said to have pipped a rival cash offer for SWIP from Australia's Macquarie Group Ltd, according to media reports in Britain.

The Sunday Times reported that Lloyds, owner of Scottish Widows, would take just less than 10 percent in Aberdeen, under the terms of the deal.

Aberdeen said in October it was in talks to buy Scottish Widows from Lloyds, in a deal that would create the largest listed fund manager in Europe.

Buying Scottish Widows would raise Aberdeen's assets under management more than 70 percent to close to 350 billion pounds, transforming Aberdeen into the largest listed manager in Europe with more assets than rival Schroders.

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