24th Nov 2020 08:52
(Alliance News) - Phoenix Group Holdings PLC on Tuesday noted a press report regarding the potential sale of its European business, Phoenix Europe.
On Monday, Bloomberg reported that the life-insurance consolidator, was considering selling international operations to focus on the UK, citing people with knowledge of the matter.
The financial news agency said a potential deal could be worth EUR650 million.
Phoenix Europe is a specialist in the European life insurance market, with operations across Ireland, Germany and the UK offshore savings market. In 2019, Phoenix Europe contributed GBP52 million of the group's GBP810 million in operating profit. This was up from GBP22 million in 2018.
In light of interest from third parties for the European business, Phoenix said, it confirmed Tuesday that it is assessing a range of strategic options to maximise value for shareholders, but said there was no certainty that a transaction will be achieved.
Phoenix shares were trading 0.7% lower in London on Tuesday at 779.00 pence each, giving a market capitalisation of GBP7.79 billion.
By Evelina Grecenko; [email protected]
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