Phoenix Group mulls sale of European businesses

Phoenix Group-Standard Life office in Lothian Road, Edinburgh

Closed life and pension fund consolidator Phoenix Group Holdings plc, owner of the “old” Edinburgh-based Standard Life Assurance, said on Tuesday it is assessing a sale of its European businesses after it received interest from a number of third parties.

Standard Life Aberdeen sold Standard Life Assurance Limited to Phoenix Group Holdings for £3.28 billion in August 2018.

The deal comprised of £2.28 billion cash and a shareholding of 19.98% for Standard Life Aberdeen in the enlarged Phoenix Group.

“Phoenix Group Holdings Plc notes the recent press speculation regarding the potential sale of its European businesses,” said Phoenix Group in a stock exchange statement.

“Phoenix Europe is an established participant in the European life insurance market, with operations across Ireland, Germany and the UK offshore savings market, and offers strategic optionality to develop Phoenix’s proven M&A consolidation and growth strategy internationally. 

“In light of recent expressions of interest from third parties for the European business, Phoenix confirms that it is assessing a range of strategic options to maximise value for shareholders.

“At this point there can be no certainty that a transaction will be achieved.

“A further announcement will be made in due course if appropriate.”