Phoenix in ‘advanced’ talks to sell European business

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, confirmed on Tuesday it is in “advanced discussions in respect of a potential sale” of its “European businesses.”

Last November, Phoenix Group said it was 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.

Standard Life Aberdeen retains a 14% stake in Phoenix Group.

Phoenix said on Tuesday: “The board of Phoenix Group Holdings plc 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.

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.”