Phoenix confirms talks to sell European business
2 min readExistence insurance provider Phoenix Group has verified it is in highly developed discussions more than the sale of its European company.
The business produced a assertion last night (May perhaps 18) pursuing push speculation that it was wanting to market its European arm in a deal reportedly value up to £550m.
According to Sky Information, the company was on the lookout to market to European Lifetime Team Holding (ELG), a privately owned car backed by the US-based mostly fund Sixth Avenue, and a offer could be declared this week.
Phoenix said that a sale will only be regarded if it “maximises price for shareholders”.
It additional that conversations are on-heading and there can be no certainty that any transaction will be agreed.
Phoenix announced again in November that it was assessing a sale of its European arm.
Recognized as Phoenix Europe, this aspect of the company handles the lifestyle insurance coverage market, with functions across Ireland, Germany and the British isles offshore personal savings market place.
Last 12 months (August 5), Phoenix restructured its United kingdom small business design and created 5 new divisions to drive development in its pensions business.
The five divisions variety portion of its Open up business enterprise arm, which manufactures and underwrites lengthy-phrase financial savings and retirement goods, and runs together with its heritage arm and freshly acquired ReAssure organization.
A lot more just lately, the group bought the Conventional Existence brand name identify in February soon after it acquired Conventional Existence Aberdeen’s insurance policy arm in August 2018 for £3.28bn.
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