Edinburgh investment giant Aberdeen Group confirmed on Thursday morning that it sold 52 million ordinary shares in Standard Life plc, representing 5.2% of Standard Life’s issued share capital, at a price of £8.39 per share, raising £436 million.

Aberdeen had announced its plan to sell about half of its stake in Standard Life late on Wednesday.

“Following settlement of the placing, which is expected to take place on 12 October 2026, Aberdeen’s residual shareholding will represent approximately 5.2% of Standard Life’s issued share capital,” said Aberdeen.

“Aberdeen intends to deploy the proceeds from the placing in accordance with its disciplined capital allocation policy, which is focused on maintaining a strong balance sheet, investing selectively in the business to support sustainable profitable growth, reducing and optimising debt over time, and delivering sustainable returns to shareholders.

“Evercore Partners International LLP is acting as lead financial adviser to Aberdeen in connection with the placing.

“Goldman Sachs International and J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove, have been appointed by the company as Joint Global Coordinators and Bookrunners for the Placing.

“Standard Life was not a party to the placing and will not receive any proceeds or shares in connection with the placing.”

Standard Life plc was formerly called Phoenix Group, which acquired the Standard Life brand in 2021 from Aberdeen.

Announcing the sale of the Standard Life shares on Wednesday, Aberdeen CEO Jason Windsor said: “The transaction announced today is further progress to simplify our group, as we seek to deliver on our ambition to become the UK’s leading Wealth and Investments business.

“We see attractive opportunities to invest in growth and will continue to allocate capital where we believe it can generate the best returns for shareholders, while maintaining a strong balance sheet.

“Aberdeen and Standard Life have worked in close partnership for many years, and we look forward to continuing to deliver as a key asset management partner to Standard Life.”