PRESS: Phoenix Group finds buyer for European business - Sky News

(Alliance News) - Phoenix Group Holdings PLC is close to agreeing a GBP550 million deal to sell ...

Alliance News 17 May, 2021 | 8:48PM
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(Alliance News) - Phoenix Group Holdings PLC is close to agreeing a GBP550 million deal to sell its European operations, Sky News reported on Monday.

The deal with European Life Group Holding could be announced as early as this week, Sky News added. Sky News noted European Life is backed by US investment firm Sixth Street.

https://news.sky.com/story/phoenix-close-to-offloading-european-arm-to-elg-in-550m-deal-12309460

Phoenix back in November confirmed it was mulling a possible sales of its European business. In light of interest from third parties for the European business, Phoenix said it was assessing a range of strategic options to maximise value for shareholders, but added there was no certainty that a transaction will be achieved.

The long-term savings and retirement business in February struck a deal to buy the 'Standard Life' brand from Standard Life Aberdeen PLC. SLA, an investment and asset management firm, then announced plans to change its name to Abrdn PLC.

Phoenix shares closed down 0.8% to 729.60 pence each in London on Monday.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Phoenix Group Holdings PLC 700.80 GBX 0.14 -
Standard Life Aberdeen PLC 274.80 GBX 0.70 -

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Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

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