11th Jan 2022 19:44
(Alliance News) - Swiss Re AG will sell over GBP540 million worth of shares in London-based insurance company Phoenix Group Holdings PLC, Merrill Lynch International said on Tuesday.
Swiss Re will sell 66 million shares in the FTSE 100-listed company, which equates to a 6.6% stake. Swiss Re Finance Midco (Jersey) Ltd, a subsidiary of the reinsurance company, owns 66.2 million Phoenix shares.
Phoenix Group shares rose 2.3% to 685.00 pence each in London on Tuesday. At current market prices, the shares being sold are worth GBP452.1 million.
Merrill Lynch will act as sole global coordinator and sole bookrunner.
Merrill Lynch said: "The bookbuilding period will commence today, 11 January 2022, with immediate effect and may close at any time on short notice. The results of the placing will be announced as soon as practicable after the closing of the bookbuilding process."
In June, Swiss Re sold a 6.6% stake in Phoenix for GBP437 million.
Swiss Re shares closed 0.4% lower at CHF94.60 each in Zurich on Tuesday.
By Eric Cunha; [email protected]
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Related Shares:
Phoenix Group Holdings