17th Sep 2015 05:45
LONDON (Alliance News) - Life insurer Phoenix Group Holdings is understood to have approached privately-owned rival Guardian Financial Services about a GBP1 billion takeover deal, continuing the spate of merger and acquisition activity in the insurance sector this year, Sky News reported.
Sky said Phoenix, a consolidator of closed life assurance funds, is holding tentative talks with Cinven, Guardian's private equity owner, in a deal that would create a company with around GBP70 billion in assets under management.
People close to the situation told Sky that Phoenix was not the only party holding talks with Cinven about Guardian.
http://news.sky.com/story/1553837/phoenix-in-talks-over-1bn-plus-guardian-deal
By Sam Unsted; [email protected]; @SamUAtAlliance
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