(Alliance News) - Phoenix Group Holdings PLC on Tuesday confirmed that it is in advanced discussions for the sale of its European operations following speculation from the press.
"The board of Phoenix notes the recent press speculation regarding the potential sale of its European businesses and confirms that it is now in advanced discussions in respect of a potential sale," the London-based insurance services provider said.
Phoenix shares were down 0.4% at 726.60 pence each in London on Tuesday.
On Monday, Sky News reported that Phoenix was close to agreeing a GBP550 million deal for the sale.
"A sale of the European businesses will only be considered if it maximises value for shareholders. Discussions are on-going and there can be no certainty that any transaction will be agreed," Phoenix added.
Phoenix back in November confirmed it was mulling the possible sale 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.
Phoenix 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.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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