Phoenix Group in 'advanced discussions' for sale of European businesses

Phoenix Group Holdings has confirmed that it is in "advanced discussions" in respect of a potential sale of its European businesses, following rumours and press speculation.

As reported by our sister title, European Pensions, the group also stated that the 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," it stated.

The confirmation follows reports from Sky News, which said that the group was considering the sale of its European businesses in £550m deal, with sources suggesting that a deal could be announced as early as this week.

Phoenix Group 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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