Law Firms

Macfarlanes advises Chrysalis on £390m sale of Embark to Lloyds

As part of the deal, Embark will become part of Scottish Widows, Lloyds’ pensions arm, with the acquisition seeing Lloyds procure around £35bn of assets under administration on behalf of 410,000 consumer clients

Macfarlanes has advised UK-listed investment management company Chrysalis Investments on the sale of investment and retirement platform business Embark Group to Lloyds Banking Group for £390m.

As part of the deal, Embark will become part of Scottish Widows, Lloyds’ pensions arm, with the acquisition seeing Lloyds procure around £35bn of assets under administration on behalf of 410,000 consumer clients.

The deal, which is subject to regulatory approval, excludes the Rowanmoor SIPP and SSAS administration business, which is being retained by Chrysalis Investments to become a “standalone business”.

Returns from the sale of Embark will be used to fund Chrysalis Investments’ pipeline of investment opportunities.

The Macfarlanes team was led by corporate and M&A co-head Luke Powell with assistance from senior solicitor Mark Stephens.

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