Abrdn PLC (LSE:ABDN) said it will return cash to shareholders after it sold a 4% stake in Phoenix Group Holdings PLC (LSE:PHNX).
The renamed Standard Life Aberdeen recouped £264mln before costs as it offloaded 39,981,442 shares in the life and pensions consolidator at 660p each to institutional investors.
It said it intends to return the net proceeds of the offering to shareholders after its financial results on March 1, with details on how and when the return will be made will be announced after the results are released.
The Edinburgh-based investment manager will retain a holding of roughly 10.4%, and said its strategic partnership with Phoenix “remains important for us”.
Likewise, Phoenix said Abrdn remains its 'core strategic' asset management partner, managing £165bn of its assets under administration.
Last month, Abrdn agreed to acquire DIY stock-picking platform Interactive Investor for £1.5bn, stepping into a market where it will compete with London-listed firms like Hargreaves Lansdown and AJ Bell.