British financial services provider Standard Life has agreed to sell its Canadian activities to Manulife of Canada for $3.6 billion (TL 8 billion), it said yesterday. "Standard Life announces the sale of its Canadian business ... to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation, for a total cash consideration of Can$4.0 billion," it confirmed in a statement to the London Stock Exchange, after Manulife had announced the deal overnight in Toronto. Standard Life will return $2.87 billion of capital to shareholders, following completion of the deal.
The two companies also established a global agreement to distribute each other's products.