Standard Life has confirmed the sale of its Canadian companies to Manulife for C$4.0billion ( £2.2bn).

The deal includes a global collaboration agreement for Manulife to distribute Standard Life Investments funds in the US, Canada and Asia. The companies will also explore other opportunities for collaboration on distributing investment products. The firm intends to return around £1.75bn (73p a share) to shareholders alongside a share consolidation, before April 6.