Life and pension consolidator Phoenix Group has exited negotiations to offload its European businesses to an unnamed company.
This follows an announcement by the firm on 18 May 2021 that the company was in discussions regarding the potential sale of its European businesses after it “received unsolicited expressions of interest” for Phoenix Europe.
Phoenix Group said in a London Stock Exchange update on 15 June: “The board has concluded that the transaction under consideration would not maximise shareholder value and therefore discussions have been discontinued.
“Phoenix Europe continues to offer the group strategic optionality. Phoenix will now progress a range of management actions to maximise shareholder value whilst ensuring we continue to support our customers and colleagues.”
The company bought the European business after its acquisition of Standard Life Aberdeen’s insurance arm in 2018.
