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Nov 17 (Reuters) - Aberdeen Asset Management is setto buy Scottish Widows Investment Partnership (SWIP) fromBritain's Lloyds Banking Group in a 500 million pound($804.53 million) deal, a source familiar with the matter toldReuters.
The source said the deal, which is mainly in stock, would beannounced on Monday.
Aberdeen did not respond to a request for a comment. Aspokeswoman for Scottish Widows declined to comment.
Aberdeen is said to have pipped a rival cash offer for SWIPfrom Australia's Macquarie Group Ltd, according tomedia reports in Britain.
The Sunday Times reported that Lloyds, owner of ScottishWidows, would take just less than 10 percent in Aberdeen, underthe terms of the deal.
Aberdeen said in October it was in talks to buy ScottishWidows from Lloyds, in a deal that would create the largestlisted fund manager in Europe.
Buying Scottish Widows would raise Aberdeen's assets undermanagement more than 70 percent to close to 350 billion pounds,transforming Aberdeen into the largest listed manager in Europewith more assets than rival Schroders.
