(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
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Phoenix Group Holdings (PHNX)