Phoenix Group mulls sale of European businesses

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Phoenix Group Holdings PLC (LON:PHNX) has confirmed it is considering a sale of its  European businesses and that advanced discussions are underway.

 “A sale of the European businesses will only be considered if it maximises value for shareholders,” said the statement.

Sky News reported last night that the life and pensions group was finalising a sale of the European business to ELG, a private equity-backed vehicle, for £550mln.

Phoenix recently acquired the Standard Life name from Standard Life Aberdeen, with the sale said to include some of the parts of the SLA acquire in that deal.

Shares in Phoenix rose by 0.08% to 729.8p, valuing the group at £7.29bn.

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