Standard Life in £2.2 billion sale of Canadian companies

Standard Life has sold its Canadian companies, Standard Life Financial Inc and Standard Life Investments Inc, to the Manufacturers Life Insurance Company for £2.2 billion.

The deal includes a collaboration agreement where Manulife (the parent Canadian financial services group of Manufacturers Life) will distribute Standard Life Investment funds in Canada, the US and Asia.

This deepens Standard Life Investments’ distribution reach, and Standard Life and Manulife will explore other potential collaboration opportunities

Standard Life has confirmed that around £1.75bn of the proceeds would be returned to shareholders.