(Alliance News) - Lloyds Banking Group PLC is in talks to acquire savings and retirement products provider Embark Group for GBP400 million, Sky News reported on Saturday.
The high-street lender is in advanced talks to finalise what would be its biggest corporate acquisition since it was returned to full private ownership four years ago, Sky News said. An announcement could come as soon as this month, it said, citing "City sources".
If completed, the takeover will result in significant payouts for some of the world's biggest asset managers, including BlackRock, Franklin Templeton and Legg Mason, all of which hold minority stakes in Embark, Sky noted.
London-based Embark was established in 2012 and offers retirement and savings products under brands including The Adviser Centre and Vested. The deal would fill a gap in Lloyds' retail investment proposition and open up a more effective distribution channel for Scottish Widows mutual fund products, Sky reported citing an "insider".
Embark is being advised on the talks with Lloyds by Fenchurch Advisory Partners, Sky said.
https://news.sky.com/story/lloyds-banking-group-nears-400m-takeover-of-savings-group-embark-12300219
Shares in Lloyds closed up 0.8% at 46.56 pence in London on Friday.
By Will Paige; willpaige@alliancenews.com
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