Aberdeen Group, the asset management company, has raised around £436 million by selling 52 million shares in Standard Life, the insurance and savings group, at 839p apiece.
The placing represents around 5.2% of Standard Life's issued share capital, and follows settlement expected on 12 October.
After the transaction completes, Aberdeen will retain a residual stake of approximately 5.2% in Standard Life.
Aberdeen said it intends to deploy the proceeds in line with its capital allocation policy, which focuses on maintaining a strong balance sheet, selective investment in the business, reducing debt over time, and returning cash to shareholders.
Standard Life was not party to the placing and will receive neither proceeds nor shares from the transaction.
Evercore Partners International acted as lead financial adviser to Aberdeen on the deal, with Goldman Sachs International and JP Morgan Cazenove appointed as joint global coordinators and bookrunners.
