Standard Life shareholders set for £1.75bn windfall

Picture: Neil Hanna
Picture: Neil Hanna
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SHAREHOLDERS in Standard Life are set to share a £1.75 billion pay-out.

The windfall came after the Edinburgh-based giant agreed to sell its Canadian arm, its biggest overseas busines, for £2.2 billion. The return is equivalent to 73p per share.

The life and pensions firm has 9000 employees worldwide and 1.5 million shareholders in more than 50 countries.

David Nish, group chief executive, said: “This provides our group and its shareholders with significant strategic and financial benefits. The sale allows us to realise fully the value of our business for our shareholders.”

The deal was struck with The Manufacturers Life Insurance Company, and will be voted on by shareholders. Standard Life hopes to complete the sale by the first quarter of next year.