Aberdeen Asset Management has seen its shares surge 11% after it agreed a deal to buy its rival Scottish Widows Investment Partnership (SWIP) from the taxpayer-backed Lloyds Banking Group.
The deal, valued at up to £660m, would increase the value of assets managed by Aberdeen to around £350bn - transforming it into the largest listed fund manager in Europe.
Aberdeen's deal is mainly share-based, which gives Lloyds a stake of around 10%, valued at £560m.
It will also pay up to £100m as "deferred consideration payable in cash" in five years.
Sky News City Editor Mark Kleinman first reported the impending sale last month.
The announcement comes as Aberdeen released its full-year results to September 30.
It revealed an underlying pre-tax profit of £482m, up 39% on the previous year.
The deal means Lloyds will enter into a long-term management relationship with Aberdeen.
The sale of SWIP does not include the core asset of Scottish Widows plc, which includes the group's life, pension and investment business.
Lloyds is 33% owned by taxpayers and has a refocused strategic goal of building UK business and retail banking while selling off non-core assets.
Aberdeen's chief executive Martin Gilbert called the transaction was "significant".
He said: "It strengthens our investment capabilities and adds new distribution deals."
Lloyds boss Antonio Horta-Osorio added: "I'm very pleased today to be announcing this strategic partnership with Aberdeen Asset Management.
"This is a good deal for them, and a good deal for Lloyds Banking Group."
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