Phoenix Group pulls out of talks to sell European businesses

Phoenix Group has discontinued talks regarding the potential sale of its European businesses, Phoenix Europe.

The company was in advanced discussions with a third party about the potential sale, but its board has concluded that the deal under consideration “would not maximise shareholder value”.

Phoenix stated that Phoenix Europe continues to offer it strategic optionality and it will now progress a range of management actions to maximise shareholder value while ensuring its continued support of customers and colleagues.

The firm had previously announced it was in discussions to sell its European businesses in last month (May 2021).

It has also recently entered into a new binding agreement with Standard Life Aberdeen in an effort to simplify their strategic partnership, with Phoenix receiving ownership of the Standard Life brand under the new agreement.

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