Regulator clears Standard Life-Aberdeen merger

Standard Life chairman Gerry Grimstone

Standard Life and Aberdeen Asset Management said the UK’s Competition and Markets Authority (CMA) announced that it has cleared the £11 billion merger of the Scottish investment giants.

“Standard Life and Aberdeen note the announcement today by the CMA that it has completed its review of their proposed merger and has cleared the transaction unconditionally,” said the firms in a statement.

“The transaction is currently expected to complete on 14 August 2017, subject to remaining regulatory approvals.”

On Monday, shareholders of Standard Life and Aberdeen Asset Management both voted overwhelmingly to approve the merger.

About 95.8% of Aberdeen shareholders and 98.6% of Edinburgh-based Standard Life shareholders voted for the deal.