3rd Sep 2018 08:36
LONDON (Alliance News) - Shares in Phoenix Group Holdings were readmitted to trading on the premium listing segment of the London Stock Exchange Main Market on Monday after the company completed the acquisition of Standard Life Assurance Ltd from Standard Life Aberdeen PLC.
Last Friday, the FTSE 250-listed insurance company issued 144.1 million shares to Standard Life Aberdeen as part of the consideration for the unit's acquisition worth GBP1.97 billion, which was first announced in February.
Earlier in August, Phoenix said Standard Life Assurance would open up new business opportunities, and said it was well placed to be the "leading" life consolidator in Europe.
As the deal constituted a reverse takeover, admission of its ordinary shares to the premium listing segment was cancelled. Phoenix reapplied to admit its 577.0 million shares to trading just after.
Phoenix shares were trading up 0.5% at 713.50 pence each early Monday morning in London.
Related Shares:
SLA.LPhoenix Group Holdings