Phoenix agrees to acquire ReAssure for £3.2bn in cash and shares

Fri, 6th Dec 2019

Insurance company Phoenix said it had agreed to acquire life insurance consolidator ReAssure from Swiss Re and MS&AD Insurance for £3.2bn. The total acquisition payment would include £1.2bn of cash and the issuance shares to Swiss Re worth £2.0bn, part of which would be transferred to MS&AD. Phoenix said it expected the deal to generated cost and capital synergies of £800m. 'This is a highly attractive acquisition for Phoenix that follows our growth strategy and delivers value to our shareholders,' chief executive Clive Bannister said. Bannister said the acquisition would contribute £7bn of incremental cash generation and give Phoenix the opportunity to capture significant cost and capital synergies. Completion of the deal was targeted for mid-2020, pending shareholder approval. Story provided by StockMarketWire.com

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