17th Mar 2016 16:51
LONDON (Alliance News) - Closed-life insurance policy consolidator Phoenix Group Holdings is preparing a takeover bid for Deutsche Bank-owned Abbey Life, Sky News reported.
Phoenix is understood to have hired investment bankers in recent days to advise on a bid for the life insurance business, which is thought to be valued at around GBP3.0 billion. Sources close to Phoenix, however, said the price tag would likely be around a third of that amount, according to Sky.
Deutsche has been considering a sale of its UK insurance unit for several months as part of a broader plan at the group to offload non-core assets and strengthen its balance sheet.
http://news.sky.com/story/1661827/phoenix-plots-bid-for-deutsche-bank-uk-unit
By Sam Unsted; [email protected]; @SamUAtAlliance
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