Aberdeen Group (LSE:ABDN) told investors it has sold 52m shares in Standard Life (LSE:SDLF), representing around 5.2% of Standard Life's issued share capital, at a price of 839p per share.
The secondary placing raises aggregate gross proceeds of approximately £436m.
The company said that settlement is expected by 12 October, after which Aberdeen's holding in Standard Life will stand at around 5.2%.
Aberdeen intends to deploy the proceeds in line with a capital allocation policy that prioritises a strong balance sheet, selective investment in the business to support sustainable profitable growth, optimising debt over time, and sustainable shareholder returns.
The stake has been a material factor in Aberdeen's earnings: at its first-half results, in July, the fair value change on its Standard Life holding resulted in a £100m gain to profit before tax of £276m, versus a £155m gain a year earlier.
Also in the summer, Aberdeen showed adjusted operating profit up 21% to £151m, and a net capital gain of 47% to £163m.
Brokers Evercore Partners, Goldman Sachs, and J.P. Morgan Cazenove worked to organise the share sale.
Standard Life was not a party to the placing and will not receive any proceeds or shares from it.