Macfarlanes advises Chrysalis Investments on £390m sale of Embark Group to Lloyds Banking Group
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.