Aberdeen Asset Management will purchase the remaining 49.9% stake in its joint venture with SVG Capital for £29 million ($43.3 million.)
SVG Capital sold 50.1% of its money management business to the £323 billion money manager in May 2013 for £17.5 million, creating the private equity unit Aberdeen SVG Private Equity Managers. The firms entered into a three-year strategic alliance, and the terms of the deal gave Aberdeen the option to acquire the remainder of the business for a minimum of £20 million, and a maximum of £35 million.
Aberdeen said in a statement that the deal is part of its strategy to consolidate and strengthen its alternatives platform. The deal is expected to be completed in the first half of this year, and is subject to regulatory notification “and certain other customary matters,” said the statement.
The majority of the Aberdeen SVG Private Equity team will be fully integrated into Aberdeen’s private equity team, overseeing a total £6 billion of assets.